Well Eagle131,
B.O.B is my name !!! ...... but seriously the B-ug O-ut B-ag could be anything you normaly carry everyday that will help you survive/escape/help others/avoid injuries/make yourself more comfortable when the S-hit H-its T-he F-an (SHTF) scenario happen. It could be your leather wallet cramped with Fresnel Lense, Waterproof Matches, Card-Knife, Handi-plus and other accesories in your briefcase, daypack, fanny-pack, glove compartment with these equipments. BTW my wallet does have all the items I've listed above !!
oink....oink...Bob