Sen. Ted Cruz's attack on Donald Trump's "New York values" is really a none-too-subtle anti-Semitic dog whistle, according to CNN legal analyst Jeffrey Toobin.

The Texas senator has gone after Trump, a native New Yorker, for being insufficiently conservative, especially when it comes to gun rights, abortion and gay marriage.

In his criticism, Cruz regularly dings Trump's "New York values," a term that he has been loath to define in full.

"Everyone understands that the values in New York City ... focus around money and the media," the senator said during a GOP debate that took place before the South Carolina Republican primary.

For Toobin, Cruz's "values" attack is an obvious wink at old anti-Semitic stereotypes.

"He said New York values are about money and they're about the media. That's an anti-Semitic trope from a hundred years. It's been around a very long time," Toobin said Thursday on CNN.

Cruz, Kasich and Trump are currently campaigning in New York ahead of the Empire State's Republican primary.

Toobin continued, "Everyone in the whole country understands what he was saying, and that's a big problem once you get to New York, not just among Jewish voters, but among people who don't appreciate those kinds of stereotypes."

"Trump is going to hammer away on it. Cruz can try to explain it away, but you can't explain what you said when its meaning is obvious," he added.

CNN's Wolf Blitzer interjected to add some clarity to Cruz's remarks.

"Well, he says he was referring to liberal politicians in New York State," the anchor said. "And he mentioned [Gov. Andrew Cuomo], he mentioned [Reps]. Charlie Rangel, Anthony Weiner. You heard the list of the people he mentioned today."

Toobin answered, "But they have nothing to do with money and media. Money and media is Jews. This is just an old-fashioned, anti-Semitic stereotype derogatory term and everybody understands it."

Cruz defended his attacks Wednesday.

"The people of New York know exactly what those values are," he said. "They're the values of liberal Democratic politicians."

"If you want to know what liberal democratic values are, follow Donald Trump's checkbook," he added, stressing that the billionaire businessman has donated to multiple Democratic politicians.