It is Eeny, Meeny, Miny, Moe actually, and can be spelled in different ways. like Eenie Meenie etc. It is a children's counting rhyme, used to select a person from a group to be "it" in games etc. Eeny, meeny, miny, moe, Catch a tiger by the toe. If he hollers let him go, Eeny, meeny, miny, moe. :)

Yes, it's part of a short nonsensical rhyme used to make a (seemingly random) choice. As well as children's games, it's sometimes used to make a choice between two or more things (eg. clothes, food from a menu, etc). In Beiber's lyrics, I think he's saying that choosing a girlfriend can seem random, but if you "catch a bad chick by her toe" and "if she holla" then at least you know you've made a mistake. ;) Wow, someone's really read a lot into those words. PS. Thanks Deep Blue for posting the original verse. :D