No AC and bag inside outside condenser unit
 

The Carrier AC made a loud bang yesterday and the air stopped blowing cool. When I looked into the outside condenser unit there was a a black balloon under the fan. Is this a containment bag to prevent the refrigerant from escaping and what does this mean?

Sounds like insulation or a garbage bag to me. I'd find a Carrier dealer and look into a warranty claim.

The refrigerant is contained in the lines. No bag could hold the refrigerant. If the fan is blocked, it may have burnt the motor circuit.

Certain models of Carrier condensers have plastic sound blankets over the compressor to deaden the sound from the compressor. You may be looking at the sound blanket over the compressor.