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Myths and rumors

A popular belief is that Sesame Street characters Bert and Ernie were named after secondary characters in the film; this belief is strengthened by the fact that Uncle Billy ties strings around his fingers to remember things just as Ernie does in Sesame Street. In fact, portions of the film are shown throughout the Christmas special, Elmo Saves Christmas. However, the producers of Sesame Street claim there is no connection.

Another rumor is that Pink Floyd album Wish You Were Here can be played alongside the film with key events in the movie tying in with song lyrics. The similarities are said to be more noticeable than in the other claimed Pink Floyd movie sync with The Wizard of Oz and Dark Side of the Moon.[citation needed] See Dark Side of the Rainbow and It's a Wonderful Life/Wish You Were Here for similarities between Wish You Were Here and this film.

It is also often quoted that psychiatrists would recommend It's a Wonderful Life to patients suffering from depression. This was because it was such a well known feel-good movie, and it generated positive results. However, contemporary psychiatrists would probably scoff at this idea; in the Special Edition video, this theory is quoted.