Green’s Dictionary of Slang

balooey n.

nonsense, rubbish; note hooey balooey at hooey n.

1944		N. Davis Sally’s in the Alley 17: ‘How do you know?’ the butcher asked. ‘I’m a Japanese spy. We spies get around.’ ‘Palooey,’ said the butcher in a disgusted tone.
1967–9		in DARE 141/2: balooey n. [...] nonsense.
1989		H. Rawson Dict. of Invective (1991) 32: Baloney has been improved in various ways, e.g., bull-oney, phony baloney, balloey (a portmanteau word, from baloney + booey), verbaloney (another portmanteau).

In phrases

go balooey (v.)

lit. or fig., to explode.

1972		in J. Carr Kite-Flying 279: When you write novels you go balooey all over the place.
1982		C.R. Johnson Oxherding Tale 113: Somethin’ in me just went balooey! Ah couldn’t stand by and watch no rape, could Ah.