It's A Wonderful Life - A Historical Perspective - Did You Miss It?

Buffalo girls won't you come out tonight....come out tonight. We all know the movie. However, did you ever know the historical significance behind Frank Capra's classic that impacts our daily life? While the plot involves the life of George Bailey, there is a subtle theme that Frank Capra revisits from his earlier film American Madness, and that is the banking crisis of the 1930s.

Capra understands that banks have a controlling interest in every aspect of our lives. Economically, they set the rules that impact our standard of living. The tussles with Mr. Potter are examples of the harsh realities when banks have a controlling interest in our lives. The arguments of investing in people versus shares of stock have a compelling argument that is as true today as it was back then. Today, it is the credit unions that suffer from unfair legislation that impacts banking. Non-profit credit unions are the George Baileys of our time. There is another scene in the movie that is quite poignant. Revisit the dialog regarding "Pottervilles." The movie asserts that the key to a wonderful life for families is access to housing back in 1947. And the same is true today.

The American banking system is not that different than the banking system back then. The only difference today is that the people in Bedford Falls would also be held in indentured servitude to Mr. Potter because he is holding them hostage through their student loans. Today,the Mr. Potters of the banking continue their dominance over many communities via student loans. These loans allow the banks to cause bankruptcy while holding on to the student loan debt. Once bankrupt, citizens will rely on high interest loans. Banks then begin to charge what some may see as insurmountable fees for overdrafts when people without credit have shortfalls in their income.

The Mr. Potters of the world are billionaires and the wealth gap has greatly increased since It's A Wonderful Life demonstrating once again, that art of making movies is larger than life, especially when we miss the historical pieces that shape our lives.