In Puerto Rico, it is pronounced with silent D's, and is expression describing a person who is running into a bit of bad luck. Literally, it means, "salty cod fish."
"Te sigues encontrando trabajos que no pagan bien. Tu eres un bacalao salao."
"You keep finding low-paying jobs, you're one salty-ass cod fish."
Fogey/fogy /fougi/ sl. (early 18C+, orig. Scot) old-fashioned, stuck-in-the mud.
Person with old fashioned ideas which he is unwilling to change: Come to the disco and stop being such an old fogey!
You think me an old fogeyand an old tory, his thoughtful voice said. I saw three generations since O’Connel’s time. I remember the famine. Do you know that the orange lodges agitated for repeal of the union twenty years before O’Connel did or before the prelates of your communion denounced him as a demagogue? You fenians forget some things. (James Joyce, Ulysses. Penguin Books,1992. p. 38)