>>1456608That's how some exercise bikes work, pic related. Though those don't have road grime wedging between the band and the wheel.
>>1456655Fitting a new wedge was a good idea. You can also ask around your LBS's if they have parts in that size, any that have been around long enough will have an assortment of random olf shit that they're more than happy to be rid of for a steal.
Also, cheapo load-bearing parts like stems, seatposts and forks on walmart bikes tend to be overbuilt and underengineered. At least since the 90s, from what I've seen thrown out. Heavy as hell but they won't cause a lawsuit for the company since timmy won't impale himself. Ugly, possibly. Unsafe, not at all.