Quote of the day
posted at 10:00 pm on December 23, 2008 by Allahpundit
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“But consider this: Perhaps Mr. Potter wasn’t just a heartless Scrooge. Perhaps Mr. Potter, in the absence of sufficient regulatory oversight, was the one voice of sanity keeping the good people of Bedford Falls from over-leveraging themselves.
Perhaps, if we had all taken Mr. Potter a little bit more seriously, we wouldn’t be in this mess to begin with.”
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Hrmmm…maybe “It’s a Wonderful Life” is more timely than I ever thought..seriously, I think Potter may have gotten a bad rap. Obviously, not the way the film maker meant it to be understood, but a very facinating interpetation of the film all the same.
AUINSC on December 23, 2008 at 10:05 PM
Scrooge had a better monetary policy than the Fed.
lorien1973 on December 23, 2008 at 10:05 PM
Lousy movie.
Y-not on December 23, 2008 at 10:07 PM
I love the movie. But George Bailey was selling the houses for less than the cost to build them, not a good business practice. I have seen the movie hundreds of times and that part never made sense to me.
calgrammy on December 23, 2008 at 10:11 PM
FIFY
BobMbx on December 23, 2008 at 10:14 PM
LOL.
Even if Mr. Potter’s behavior happened to coincide with sensible principles, I still say he simply enjoyed not giving people money.
jimmy the notable on December 23, 2008 at 10:14 PM
That was a sarcastic quote by Potter, meaning Bailey could sell them for more than he was, not a fair assessment of the selling price vs. construction cost.
BobMbx on December 23, 2008 at 10:17 PM
Mr. Potter had -$8,000 worth of character
christene on December 23, 2008 at 10:21 PM
That was pretty great. Now cartoons are only obsessed with explaining people how driving to the store is responsible for killing polar bears.
jimmy the notable on December 23, 2008 at 10:22 PM
*explaining to people*
jimmy the notable on December 23, 2008 at 10:22 PM
Mr. Potter was a thief.
My collie says:
CyberCipher on December 23, 2008 at 10:22 PM
George Bailey never should’ve given those loans to the likes of Ernie and Bert.
Yeah, let the govt keep on funding Sesame Street!
Tony737 on December 23, 2008 at 10:25 PM
Mr. Potter wasn’t just a heartless Scrooge
Speakin’ of Scrooge, Laura Ingraham explains in her book why Scrooge was right too! haha
Tony737 on December 23, 2008 at 10:27 PM
Let me guess,this is a twisted view of the bailout
and potter!
canopfor on December 23, 2008 at 10:34 PM
George Bailey: “Potter’s not selling… he’s buying.”
Not unlike Warren Buffett.
Karl on December 23, 2008 at 10:39 PM
Wait a tick,me thinks the new version would
make potter the bailout,but potter scoffed
the 8,000 grand!
So then,if we apply this logic,Barney “Banking
Queen” Frank would of been scrooge at the begin
ning of the mortgage crisis,and then “Santa Clause”
with the bailout!
Oh boy,sumpin tells me dat dis ain’t right!!(Snark!).
canopfor on December 23, 2008 at 10:43 PM
Does no one get the thrust of the story. Profit for profit sake is not the end all be all of economics. the bottom line is not the only thing. George Bailey understood that. If GM and F and the other companies that are shipping jobs offshore understood that they would not be in the problems they are in. when you concentrate on the bottom line and only the bottom line and ring every last cent of profit out of the people that you live next door too bad things happen. Like people turn to sex, drugs, divorce when they can not keep their house, feed their kids.
when you destroy the ability of the working class to buy your product you destroy yourself. the CEO’s of GM and F and most of the fortune 500 should be required to watch its a wonderful life. The Potterville is what we are getting now. Not Bedford falls. Bedford falls only happens when the industry gives back to the community some of the profit. when the industry sucks everything out of it there is nothing left.
unseen on December 23, 2008 at 10:44 PM
Scrooge:
Didn’t want to burn much coal. Was concerned that the human race had a surplus population. Didn’t like celebrating holidays (wouldn’t offend anyone) nor was he in favor of all that consumer spending.
Ebeneezer Scrooge was an environmentalist!
Oh, and Merry Christmas one and all.
rbj on December 23, 2008 at 10:45 PM
Did anyone else enjoy the old SNL skit where George Bailey (played by Dana Carvey, I think), after Clarence got his wings, remembered where he left the money, then he and the rest of the town found Potter, and beat the sh*t out of him?
I could certainly go for some mob mentality towards bailout proponents at this point!
Goody2Shoes on December 23, 2008 at 10:56 PM
i first posted on it’s a wonderful life and it’s message in relation to today’s finincial fiasco WEEKS AGO – Sept 23rd to be precise — BEFORE the BIG CRASH of ‘08.
I felt that the crash was a PANIC and not based on reason.
The run on the banks in the 1930’s was also a PANIC.
George Bailey told his depositors to keep their heads, that Potter WAS BUYING not selling.
This year’s panic-based crash was not a run on the banks, but a RUN ON BANK STOCKS. And the ensuing unraveling of much value which depended on credit.
And it all began with the GSE’s, Greenspan’s 17 rate increases and the oil bubble.
The recession will end when people get out of panic mode.
reliapundit on December 23, 2008 at 10:58 PM
The recession will end when people get out of panic mode.
reliapundit on December 23, 2008 at 10:58 PM
The panic has not began yet. when the DOw crashes to 1500 then you can say its a panic. what we had was a selloff off bad economic news. It will get worse. People will panic when there is no hope yet. Keep your powder dry it is not time to buy yet.
unseen on December 23, 2008 at 11:04 PM
Unseen is spot on – We ain’t even close. There’s some serious SHTF to come. There’s some liquidity to mop up, and it’s gonna get nasty as they’re (Fed) aren’t concerned with it. It’s all about stopping deflation by any means necessary.
SkinnerVic on December 23, 2008 at 11:13 PM
LOL, that was awesome.
fireweednectar on December 23, 2008 at 11:24 PM
Man.
I gotta remember to steer clear of Hot Air during the Holidays. I think there must be a self-imposed quota of sheer pessimism by one of the HA team this time of year.
FlatFoot on December 23, 2008 at 11:27 PM
If only Osama Obama had been around back then! George Bailey would never have had a worry. There would have been bailouts for all, and he could have pocketed his multi-million dollar bonus, paid for by the taxpayers, without a care.
MrScribbler on December 23, 2008 at 11:32 PM
This movie is about as interesting as the obligatory dysfunctional Christmas family get together
Kini on December 23, 2008 at 11:35 PM
I’d hit that.
Oops. Wrong thread.
wccawa on December 23, 2008 at 11:37 PM
Didn’t Saturday Night Live do an alternate ending to this (with Dana Carvey as Jimmy Stewart), where it was discovered that Potter had stolen the money, and the townspeople went to Potter’s house, dragged him out, and lynched him?
Jim62sch on December 23, 2008 at 11:47 PM
Ummmmmmm………… just one little point that is missed in the article…..
………….. to make it true, you would have the Government forcing George Bailey to make the loans, if he wanted to do them or not, under penalty of Federal Regulation, a.k.a., the Community Reinvestment Act, and the arm twisting put into place by the Clinton Administration.
Then let it fester for twenty years or so, under the radar, never truly reported to the American people at large that they were on the tab for one of the biggest “Social Engineering” projects in history………….
It didn’t matter that the loans could not be repaid, or if they were given to illegal aliens, just as long as the recipients voted Democratic, and all the bad notes were guaranteed by the Federal Government under Fanny Mae and Freddy Mac, then sold off to investors around the world, until the bad debts reached every corner of the globe….
……… then “Boom”!
Yeah, blame it on George Bailey………………
Seven Percent Solution on December 23, 2008 at 11:54 PM
Let’s face it, George Bailey was a nazi NRA, Kiwanas, homophobic Eagle Scout and deserves to be thrown into the dustbin of history.
Limerick on December 24, 2008 at 12:32 AM
So, now the Left is defending the clear villain in one of our nation’s few cinematic calls for moral clarity? If Potter had only created day-care centers in Afghanistan, apparently they would have been understanding of his flying jets into the Bailey Building & Loan.
Regardless–(and who let the children in here, it this some sort of Christmas revenge by the resident HA atheist?), read closely, Potter was knowingly and intentionally creating a panic in order to buy subsequently distressed properties, and because he was also the Bank, clearly designed a scheme that violated anti-trust, UCC provisions, the Federal Bank Act and breaches of contract between he and his customers.
But then again, he does resemble Barney Frank, so it can’t be his fault…
…er, damn that George W. Bush!?
LexisTexas2 on December 24, 2008 at 1:07 AM
OK maybe you’re right, but Donna Reed is sure easy on the eyes.
Mark30339 on December 24, 2008 at 1:45 AM
The question is would you really want to do your banking with a man who hallucinates and is suicidal and trusts a forgetful alcoholic with the deposits?
Done That on December 24, 2008 at 4:25 AM
Correct. He was a common criminal and committed a felony by not returning the money Uncle Billy left on the counter.
Blake on December 24, 2008 at 4:53 AM
At least Bert and Ernie were honest and hard working… not like the losers that the idiots bleeding hearts Dodd and Frank thought were deserving of such gifts.
Bob on December 24, 2008 at 5:51 AM
Not the point of this thread, but…
The message of the movie to me is simple. God knows your value. You should trust in Him.
Merry Christmas
SKYFOX on December 24, 2008 at 6:12 AM
The thing of it is, George was solvent until Potter stole the Building and Loan’s money. George would have never needed a bailout but for that.
abcurtis on December 24, 2008 at 7:31 AM
We forget there have been some real George Baily’s out there in the real world,,, Milton Hershey built an empire on George Baily principles. http://www.thehersheycompany.com/about/history.asp
He built an entire city for his employees and refused to lay anyone off during the depression. There are plenty of real George Baily’s in the world.
In order to twist Mr Potter into something good,, you have to ignore the movie or rewrite the script. Mr Potter actually committed a crime. He discovered the bank deposit, he knew it was the bank deposit and he kept the money with the intent the bank would fail.
Mr Potter’s best friend was his lawyer. Just like the writer of this article,, who consulted a lawyer to see if there wasn’t something George Baily could be charged with! How amusing. The story ends happily, everyone gets their money back,, but the good lib at the New York Times consults a lawyer to see if the good guy in the story couldn’t be put in jail! Typical.
JellyToast on December 24, 2008 at 7:56 AM
It’s always the ones at the top who are the biggest ripoffs. Them and hippies.
Beto Ochoa on December 24, 2008 at 8:15 AM
Disaffected atheists. Cha.
Aronne on December 24, 2008 at 8:41 AM
With Old Man Potter’s long lost relative across the pond, it takes magic to fathom, but there’s another sequel now that you’ve grown up, Harry Potter.
maverick muse on December 24, 2008 at 9:02 AM
Yeh … Hippies get free dope in Cali, International Bankers get baled out for doing bad business. Everybody’s happy.
Benjamin9 on December 24, 2008 at 10:03 AM
You can tell when it is a very slow day in the life of your typical columnist.
Case in point: The certified doofus who actually spent/wasted the time and energy to actually put together this crazy off the wall piece of crap and somehow, some way, got it published.
Guess it was a very slow day for the Editor as well.
pilamaye on December 24, 2008 at 10:04 AM
Quote of the day, FIFY.
kirkill on December 24, 2008 at 10:14 AM
I’m glad that someone pointed out the difference.
Not only did George Bailey KNOW the character of his borrowers, he indicated that the taxi driver was credit worthy (he mentions salary, etc.). Potter wanted to use some other form of credit analysis – probably based on family status. Potter was leaving money on the table.
Also, the Building and Loan established valuable good will with the people. I think the movie demonstrates the value of that quite well.
Those that are making these statements about Potter being right don’t understand business enough to make those claims.
blink on December 24, 2008 at 10:28 AM
The sun comes up in the morning?
Snowed In on December 24, 2008 at 10:30 AM
Pure collectivist crap.
Count to 10 on December 24, 2008 at 10:51 AM
Okay, now I’m totally watching the movie this week and laughing at its detractors.
And yes, I’ll choke up in the end.
Best Cheers teaser ever: Scene opens in the bar, with “It’s a Wonderful Life” playing on the TV and Carla (and everyone) going, “Oh, not that old chestnut again! Boring! Turn on some sports” (or words to that effect). Cut to: “Every time a bell rings, an angel gets his wings!” “That’s right, Zuzu. Attaboy, Clarence.” [Carla, sniffling] [Everyone in bar, sniffling]
Funny. And true.
Meryl Yourish on December 24, 2008 at 12:00 PM
Everybody’s favorite whipping boy, Detroit. Like Toyota wouldn’t close down all their US plants if they could make more money importing those cars?
In the spirit of the season, from Detroit, which reinvented itself in 1940-41 and will do it again:
…at a rolling donut.
…and the horse you rode in on.
rokemronnie on December 24, 2008 at 12:47 PM
Nowhere in that movie does it ever say that George Bailey ran his business at a loss. He probably made some profits, which is why the business was solvent throughout the Depression and World War II, but he offered loans at cheaper rates than Potter, who wanted monopoly control of the town. Potter was a thief, who tried to take advantage of Uncle Billy’s stupidity to drive George Bailey out of business.
Major difference from today’s reality–the townspeople VOLUNTARILY bailed out George Bailey out of gratitude for his earlier generous loans to THEM. Today’s taxpayers are FORCED to bail out Fannie and Freddie who made too-generous loans to OTHER PEOPLE. Would the townspeople in that movie have forked over their hard-earned money to bail out an unknown bank halfway across the country? Probably not, but the Government shoved this bailout down our throats…
There are many Potters in our midst–Madoff for one. There are many George Baileys in our midst–local businesses who keep their prices reasonable to keep customers coming back. Trouble is, there’s no Clarence on the horizon.
Steve Z on December 24, 2008 at 2:06 PM
Well said.
JellyToast on December 24, 2008 at 2:10 PM
Pure collectivist crap.
Count to 10 on December 24, 2008 at 10:51 AM
So the first 220 years of this country were pure collectivist crap? Up until the mid 90’s businessmen honored their commintments to community and workers. It was only since about the mid 90’s that unrestrained greed took over and the bottom line was the end all be all. And how is that bottom line thinking working for the big companies? Were employees no longer have any loyality to the company, where the products are no longer top notched? where companies have forgotten the saying it takes money to make money. Being cheap and greedy is a good way to run your business into the ground just ask GM and F and GE.
unseen on December 24, 2008 at 2:17 PM
I remember that! Thanks for the memories…
An aside to Liz Gunnison, writer of the article about which we’re talking about: George Bailey ran the Bailey Building and Loan. The S&Ls came later.
Paul_in_NJ on December 24, 2008 at 2:19 PM
It was Potter who when finding the missing money kept it for himself.
roux on December 24, 2008 at 2:28 PM
Maybe a little off-topic, but has anyone noticed those Ditech commercials offering fixed-rate loans at low interest rates, that they’re part of GMAC = GENERAL MOTORS Acceptance Corporation? Where is Ditech getting all its money to lend, if General Motors is going under and needs a bailout?
Or has General Motors spun off its profitable lending business, and kept its less-profitable car-making business?
Steve Z on December 24, 2008 at 2:36 PM
Each of those cute little houses in Bailey Park was worth twice what the Baileys built it for. The Baileys never made a dime of the thing. And why? Because the Baileys are a bunch of chumps.
The Bailey Building and Loan did not encourage leveraging. Instead they were building houses and undercutting the market. Every garlic-eater who moved into Bailey Park had positive equity from the day Mary handed him that first loaf of bread. I didn’t hear anything in that movie about second mortgages or consolidation of mortgages into tradable commodities. The Baileys were about building houses, and added value to the process at every turn.
gridlock2 on December 24, 2008 at 4:57 PM
Mr. Potter was the equivalent of Mr. Malkoff. Bailey was actually making things work, by recycling money from one neighbor to another. How does Mr. Potter come into the ascendancy? Answer: theft.
George Bailey was not selling the houses for less than the cost to build them, he was loaning people money for building and mortgages (which he got from deposits made by others) and taking a small cut. The houses were worth twice as much as they cost to build, they did not cost twice as much as Bailey charged. Here is the exchange you mention in the movie, between Mr Potter and Mr Reineman (Potter’s rent collector and eviction expert) — read it carefully:
unclesmrgol on December 25, 2008 at 12:24 AM
Forget the money for a second.
The Angel got his wings people. How come we never talk about that as much?
Hey, I like garlic. :)
Sapwolf on December 26, 2008 at 1:29 AM
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