Supposedly dubbed by Marie Antoinette during the French Revolution. When citizens complained to her that the peasants were starving and that she should give them bread, she replied, "Let them eat cake!"
It is now used as a nickname for all people who live in Edina, MN. Although meant to be an insult (for the dominantely white, rich, and stuck-up high school), many students from Edina now take pride in it. Example: An Edina sports shirt that read, "Cake: Breakfast of Champions"
This term is most well known by its reference to Edina native Adam Banks in "The Mighty Ducks."
Stupid cake-eaters, I hate them all!