THE MISHEARD:

It's enough to leave kids with a bag of bones
Bleeding very bad.

The story:

Well, I had seen "The Lion King" previously, and I remember the part where Simba and Nala enter the Elephant Graveyard, so the concept of "kids with a bag of bones" made sense to me that way. However, I mentioned this to my Dad as we were driving along listening to this song on the radio, and I said, "It doesn't make sense that this song wasn't sung in the part with the boneyard, yet Elton John mentions it in this song." I got a strange look from my Dad, to which I explained (and this always make me cringe, "Isn't he talking about kids with a bag of bones?" My Dad had to pull over the car because he was laughing so hard. To my credit, though, I didn't know what a vagabond was.