oomis: I think you are mistaken. According to etymonline (an online etymological dictionary) the phrase was coined by cartoonist Billy DeBeck in 1923. There is no record of it meaning anything to do with Jews.
Other potential sources are a pejorative, but it’s not anti-semitic. It was against people who studied both the Old and New Testaments, and is a combination of “Hebrew” and “Jesus”.