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It's a Wonderful Life has been dismissed by some as a saccharine, Norman Rockwell-esque valentine to Middle America, but it is much more than that: a look at the pettiness, incompetence and bullying of small-town life. It is also an almost frightening portrait of a depressive man (played by Jimmy Stewart) with suicidal wishes. Capra's is a tragic sense of life. It's a Wonderful Life is a film of endless frustrations, deferrals of gratification, and of the complete impossibility of realizing the most passionate impulses and imaginations of the self in the world--and yet the title is still entirely unironic.
The fact that this tone is ignored in the public perception speaks to Capra's talent in creating this dismal story, throwing the hero into an alternative world nightmare and then shattering it with a blast of pure joy and love at the end as he realizes that his life has been wonderful after all. ~wikipedia
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And an odd little footnote:
"It's A Wonderful Life" is one of the most popular films ever made, long regarded as the definitive Christmas movie. Yet in 1947, the FBI had some very different ideas about this holiday classic. In fact, the FBI branded "It's A Wonderful Life" and seven other films, including "The Best Years of Our Lives" as subversive.