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Gosh, Hobbes, what if I don't get any presents this year because I doubted the existence of Santa? Suppose he's putting my name on the bad list right now! That would be awful! Personally, I'd think that if you weren't on the bad list all along, this wouldn't push you over. Thanks for the comfort, eggnog brain. See? See why you're on the bad list? Insults! Calvin questions whether he'll get any presents since he doubted the existence of Santa Claus.
Calvin is concerned Santa might be putting his name on a 'bad' list right now. Hobbes offers that if Calvin wasn't on the 'bad' list all along, doubting Santa's existence wouldn't push him over. Calvin sarcastically thanks Hobbes for the comfort. Hobbes pleads that this is why he's on the 'bad' list...insults.