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Slang for nonsense, it was derived from the name of Buncombe County, North Carolina.
What is bunkum, or bunk?
FACT: In 1820 N.C. Representative Felix Walker began what promised to be a "long, dull, irrelevant speech," and he resisted calls to cut it short, saying, "I shall not be speaking to the House, but to Buncombe" (meaning his home district, where he hoped newspapers would print his words). Bunkum has been slang for "nonsense" since 1847.