As far as I understand it is an entertainment show where abnormal people shown to entertain public. For example, in Russia we have "circus of liliputes" where "liliputes" or very short people are asked to make different things so the public will be entertained.
But recently I spoke to my friend, a manager in a big software house here in the United States. So he attended a very important meeting where executives of the company were reporting what's going in there company. I asked him how was that. He replied "a circus of freaks as usual"
What did he mean?