A homeless person or bum who rejects offers for shelter in arctic condition, freezes and becomes part of a snow bank, but doesn't die due to a combination of drugs & alcohol in his or her system, normally on the side of a road in an urban area.
Refers to the frequent-purchasing-of-new-pedal-power "endless loop" that a majority of Americans are in, rather than properly caring for and repairing the old two-wheelers that they already own.
Schwinns and Huffys used to be made of better metal than the crumble into-rust-in-just-a-month-or-two crap they sell today, so it's no wonder that so many people are in a hopeless buycycle.