The Finnish word peloton is likely accurate in its own right, I mean you have to be fearless to desend a moutian at those speeds in a group. Not to mention just riding around a 30+mph with 50 other people.

As far as Fred, it's a bad thing to call someone. It basically means they are a person that rides their bike anyway they want not caring about what they look like,and they ride everywhere not paying attention to any trends in cycling. Think of the odd person that rides around town all the time on a road bike, or commuter, Fred. It is often used by bike snobs to belittle someone not like them.