LOLCats is an internet phenomenon where people put silly / cute captions on pictures of cute / silly cats. A couple of these are famous ones: the "I can has bailout" cat was originally "I can has cheezburger" and is the one everyone thinks of when they think of LOLCats. The "I made you a cookie... but I eated it" is a close second. The "Invisible Housing Bubble" was originally "Invisible Sandwich", and is part of an entire sub-genre of "Invisible [something]" LOLCats pictures. The last cat is saying "$700 billion, please. Ok, thanks, bye" for those of you who don't speak LOLCat. The final picture is Rep. Ron Paul, a vocal opponent of the bailout plan. It's a reference to yet another internet meme, "The cake is a lie!", which means something like, "Your promised reward is merely a fictitious motivator." The 'K THX BAI' and 'the -> teh' are also Internet-hip. And, for completeness, the title is a reference to the Nickelodeon TV show "Clarissa Explains It All", a TV show that was popular when I was about 12, coincidentally the age of kids who think these memes are cool now.
