Again, this page of flashbacks on the Comedian’s life along with the similar panels from the previous page are all bathed in shades of red, symbolizing the bloody life of Edward Blake and his equally bloody death.
Panel 1: “He saw the cracks in society” refers to the cracks in the mirror behind Blake’s head as Ozymandias smashes him into it.
Panel 2: “He saw the true face of the twentieth century” refers to Blake’s scarred face, which became an outward sign of the ugliness he carried within him.
Panel 3: “. . . life seems harsh and cruel” is overlaid on a scene where Blake is on the floor with blood flowing from his mouth as he is being kicked hard in the ribs.
Panel 4: “. . . feels all alone in a threatening world” is a comment on this scene of the Comedian going off, alone if need be, to subdue the rioters during the police strike in 1977.
Panel 5: “That should pick you up” is overlaid on the image of Blake being lifted by Ozymandias, just before he is thrown out his window. Also, the mention of the “great clown Pagliacci” could be seen as a reference to the smiley face button, which is now spattered with blood, or the bloody face of the “Comedian” – both seen as symbols of Pagliacci’s sadness, which is the crux of the joke Rorschach is writing in his journal.
Panel 6: “Man bursts into tears” is over the panel where the Comedian burst into tears in Moloch’s apartment.