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It's a bit of a tale of two halves, I think: there's the hour that builds George Bailey's history and fleshes out his character, and then there's the last half which everyone and their mother fondly recalls when they think about this film, dealing with his (presumptive) downfall and eventual self-enlightenment with Clarence's help. This section is so iconic, in fact, that when I went into this first viewing, I truly believed it would be the main narrative thrust. Being taken off guard like that doesn't mean the buildup and journey to the film's biggest moments is not worth taking, of course. On a second viewing, I wouldn't want to fast-forward to its beloved parts, though I also recognize that said beloved parts do tower over everything else in a substantial way. You could make a short film out of that section and it would be perfect. With the history added in, it's about 0.5% less perfect.
That being said, this may have been most people's initial reaction, and their sense of perfection was attained through countless Christmas rewatches, so it could be the same for me. Maybe one does need to see Jimmy Stewart and Donna Reed fall into a gym swimming pool over and over again to cry like a baby when the end comes and George Bailey finally understands what a truly wonderful life he has.
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