A term used to decribe the phenomenon where people (ushaly New Englanders and North Westerners) go into a panic during a large snowstorm/ ice storm and buy out all the bread and milk in super markets in fear they will be snowed in for a week.
"Once again we have fallen victim to the the bread and milk phenomenon, and now have 10 loafs of bread an 3 quarts of milk"
Spending large amounts of money, and/or the emotionaltoll that comes with such actions.
In his song "All of the Lights", Kanye West used this saying in the line "I slapped my girl, she called the feds; I spent that time, I spent that bread".
In the second verse he says "Courts suck me dry, I spent that bread".