A euphemism for penis or dick. Along with being a slight dig at whoever it's used against thanks to the connotations of baloney (cheap, unwanted, undesirable, etc.).
Saying this will also immediately make you friends with any and all weebs who've watched Neon Genesis Evangelion since that's where this phrase originates from (the ADV Dub of the series from 1997 to be exact) to the best of my knowledge. Thank you, Amanda Winn Lee (ADR Script Writer and Voice Actress for Rei Ayanami) for writing and saying this!
Rei: Woaagh! You're the jerk who was staring at my panties!
Asuka: Hey, what do you mean by that?! You're the one who was flashin' them y'know!
Rei: Oh and who are you and why are you defending him? Are you riding his Baloney Pony?
*shock envelopes the classroom*
Asuka: We're just really good childhood friends! You shut up!
Hikari: Be quiet you two! We're in a class, not a bar!
Misato: Hey, this is more entertaining than class! Go on, I want to see how this turns out.
Someone who is addicted to obtaining money and building wealth. A money addict and fanatic. Breadheads often work more than one full-time job, and some even participate in illicit activities to "obtain the bread".
I don't buy the schmegegge about Morty sleeping with Moira.
His version of the story was pure schmegegge.
The whole schmegegge was made up to get Liz a little bit of attention.
Looking or experiencing something nice after witnessing something horrid like a disgusting gif or a disturbing video. Typically used as eye bleach are nice images of whatever makes the disturbed person happy.