The etymology comes from the popular children's show hosted by none other than Bozo the Clown. Children from the audience would play games and the prize was usually a board game. However, the consolation prize was a large button depicting Bozo the Clown. Therefore, when someone brags or shows off one should ask him or her "would you like a cookie or a Bozo Button"
Kid A: "I'm going to see Radiohead in San Francisco while I am going to be there on a business trip!!!!"
Pablo Honey: "Do you want a cookie or a Bozo Button?"
by nolafrog January 14, 2005

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