Cheap bike = good deal right?

So the guys want to start bike riding together so a Bryan and I went out to buy bikes at good old Target. I can't speak for Bryan's bike, but here is the short lived story of my bike... Price tag was $99.99. First thought, sweet cheap bike! Then I took it to the cash register and the final price was $10 less. Second thought, sweet super cheap bike! As I was taking it out to the car, I noticed the breaks weren't working properly. There was some rubbing on the back wheel. Third thought, okay I can fix this. I spent about 45 minutes trying to fine tune the breaks to get it to work property. I couldn't get it to work the way I wanted. Fourth thought, okay lets just go riding and see how it goes. I was going and going then the peddle came flying off. Fifth thought, okay maybe it was loose. I'll just screw it back on and go on. So I continue on and then it came off again. Sixth thought, WTF this is under regular riding conditions and it's coming off? Seventh thought, dam if I was going faster, I could have lose control. Last thought, this piece of crap is going back to Target. End of story.