This is director
Frank Capra's classic bittersweet comedy/drama about George Bailey (
James Stewart), the eternally-in-debt guiding force of a bank in the typical American small town of Bedford Falls. As the film opens, it's Christmas Eve, 1946, and George, who has long considered himself a failure, faces financial ruin and arrest and is seriously contemplating suicide. High above Bedford Falls, two celestial voices discuss Bailey's dilemma and decide to send down eternally bumbling angel Clarence Oddbody (
Henry Travers), who after 200 years has yet to earn his wings, to help George out. But first, Clarence is given a crash course on George's life, and the multitude of selfless acts he has performed: rescuing his younger brother from drowning, losing the hearing in his left ear in the process; enduring a beating rather than allow a grieving druggist (H.B. Warner) to deliver poison by mistake to an ailing child; foregoing college and a long-planned trip to Europe to keep the Bailey Building and Loan from letting its Depression-era customers down; and, most important, preventing town despot Potter (
Lionel Barrymore) from taking over Bedford Mills and reducing its inhabitants to penury. Along the way, George has married his childhood sweetheart Mary (
Donna Reed), who has stuck by him through thick and thin. But even the love of Mary and his children are insufficient when George, faced with an $8000 shortage in his books, becomes a likely candidate for prison thanks to the vengeful Potter. Bitterly, George declares that he wishes that he had never been born, and Clarence, hoping to teach George a lesson, shows him how different life would have been had he in fact never been born. After a nightmarish odyssey through a George Bailey-less Bedford Falls (now a glorified slum called Potterville), wherein none of his friends or family recognize him, George is made to realize how many lives he has touched, and helped, through his existence; and, just as Clarence had planned, George awakens to the fact that, despite all its deprivations, he has truly had a wonderful life. Capra's first production through his newly-formed Liberty Films, It's a Wonderful Life lost money in its original run, when it was percieved as a fairly downbeat view of small-town life. Only after it lapsed into the public domain in 1973 and became a Christmastime TV perennial did it don the mantle of a holiday classic. ~ Hal Erickson, All Movie Guide