Close.
From what I can tell, it started as a day where the clock crew wanted to submit as many clock-themed flashes as they could. Eventually, there were so many flashes coming in that you couldn't keep up with them all, so people started just voting without watching them so as to get their Protection points.
For those of you who don't understand about Blam and Protection points: When an item is new (called 'under judgement') it can be either protected or blammed (deleted cuz it sux). Votes of 2 - 5 count toward saving a flash. Votes of 0 - 1 count toward blamming a flash. I never use 1, cuz if I don't like it, I want it gone, so why give even a 1, y'know? I seldom give 5 either. I consider 5 for only the best works. Anyway, you get points if you vote correctly- voting in the good flashes and voting down the bad ones. If you vote to blam something, but it passes, you get no points. Same if you vote to keep something, but it gets blammed- no points. Higher points lead to higher ranks and voting power. And that's the problem with Clock Day.
With so many flashes coming thru, people couldn't keep up with them, so they started just voting everything in before watching it so they could get their points. Since people weren't watching the items, they started to vote in crappy stuff without knowing it. The nail in the coffin came when "Strawberry Clock" decided to see just how bad this 'vote without watching' thing was. He decided to submit a flash that was nothing more than a red B on a white background. Sure enough, it passed, and thus, you now have the legend of B and Strawberry Clock.
As for this flash, the words went by fast enough that they were hard to read. It'll pass, though. People have been voting 5 on most everything all day long. I voted 2's and 0's all day mostly, unless something was particularly good. Yes, I watched most everything. My eyes hurt! :\
;)