Old English godsibb "sponsor, godparent," from God + sibb "relative" (see sibling). Extended in Middle English to "a familiar acquaintance, a friend, neighbor" (c. 1300), especially to woman friends invited to attend a birth, later to "anyone engaging in familiar or idle talk" (1560s). Sense extended 1811 to "trifling talk, groundless rumor." Similar formations in Old Norse guðsifja, Old Saxon guþziff.
-y 2
adjective suffix, "full of or characterized by," from Old English -ig, from Proto-Germanic *-iga- (source also of Dutch, Danish, German -ig, Gothic -egs), from PIE -(i)ko-, adjectival suffix, cognate with elements in Greek -ikos, Latin -icus (see -ic). Originally added to nouns in Old English; used from 13c. with verbs, and by 15c. even with other adjectives (for example crispy). Adjectives such as hugy, vasty are artificial words that exist for the sake of poetical metrics.