A person who is a bad actor, actor who indicates, over-the-top, could potentially be overacting to make moments larger than they honestly feel about them.
A shitty acting performance, or a schmuck who is unsuccessfully trying to act
Schmuck + acting = schmacting
The actor had no connection to the work, it was obvious he was schmacting.
Watching that scene was so painful, the actor clearly had no idea how they truly felt and was indicating an emotion, clearly a very bad case of schmacting.
You think that was a performance? Acting, schmacting.
When used with the term "industry", the schmata industry refers to the clothing industry, specifically in new york city, and specifically in reference to the women's clothing industry.
He is the Jewish Santa guy that eats too much Hallah bread, drank schnapps with the three wise men, gave a dreidle to baby Jesus, put up a xmas tree in the Holy Land, put a with a Star of David on top of the tree, and sings "Ho Ho Hora, Ho Ho Hora." So, he said it was OK to enjoy getting presents and that us kids shouldn't feel guilty enjoying all the fun.