I still don’t know exactly what that means. Jewish hag-bags? Jewish bags of money? What? Oy! LOL!
several definitions on Urban dictionary but this one seems to fit the usage:
Jew Bag: A person that has past the douchebaggery stage of being a ‘jew’ and has now reached the jewbag stage.
A person who is so full of jewishness that they may as well just be a jew bag full of jew.