This film was a deserved success and a revolutionary approach in film making. It integrated songs into the story and created a product that was greater than the sum of its parts. It observed the classical unity of time, place, and action. The small town where it is set may now be as obsolete as 25 cent gasoline. Downtown small businesses are mostly gone. Its simple story is really a glorified version of 1962 memories, which were not likely the "happy days" shown, except in retrospect. There were a lot of changes since 1962. The story is about some high school students who are graduating. Some will go on to college and have a bright future possible in those times. Others will remain and work in middle-class jobs like small businesses. No mention of the agriculture in that area. There are a few hard cases who will meet the police in their professional duties. The 1960s represented the best years of their lives for most people, as measured by the wealth of ordinary people. The story plays upon the ignorance and lack of experience of teenagers, compared to what they will know in a few years. Education isn't always taught, it often must be learned. The entertainment comes from the seeming naive comments from teenagers who find themselves in tight spots. Its filmed from a teenager's viewpoint, adults appear as obstacles or in the background. Its locale appears before the Federal and state highway systems eliminated isolated rural areas with two-lane blacktops. A follow-up film was made showing many of the characters years later. Some are married with children. "Its a Wonderful Life" compressed people's lives into one film. Could a third sequel be made? Yes, but it would not be a success because it would remind people of realities best left unmentioned. The early 1970s were not "happy days" after the devaluation of the dollar.