On Christmas Eve in Bedford Falls, NY, George Bailey is feeling anything but merry. After his Uncle Billy misplaces $8000, George fears the ramifications for their Building & Loan. After he's rebuffed for a loan by the miserly Mr. Potter, George gets drunk and heads to the town bridge to commit suicide. Luckily the prayers of his family and friends have reached heaven and guardian angel in training Clarence Odbody is tasked with saving George in order to get his wings. Clarence jumps in the river as a diversion and is rescued by George. When he wishes he was never born, Clarence points out what life would've been like without him. Having seen enough, George begs for his life back and runs home through the town in a gleeful state. His family and friends are thankful for his return and have collected enough for the missing money. And up above, Clarence has earned his wings.
It's A Wonderful Life is based on a short story "The Greatest Gift" by Philip Van Doren Stern, which was purchased by RKO Pictures. The town of Bedford Falls was constructed on the RKO movie ranch in Encino, stretching the length of three city blocks. Upon its release, the film received mixed reviews but has gone on to become a beloved Christmas classic. Three colorized versions have been released, starting in 1986. Some residents of Seneca Falls, NY believe their town was the inspiration for Bedford Falls after director Frank Capra visited. They hold an annual festival and the It's A Wonderful Life Museum opened in 2010. Philip Van Doren Stern has stated the town was based on Califon, NJ.
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