Was this what adulthood promised?

“It’s a Wonderful Life” is a terrifying, asphyxiating story about growing up and relinquishing your dreams, of seeing your father driven to the grave before his time, of living among bitter, small-minded people. It is a story of being trapped, of compromising, of watching others move ahead and away, of becoming so filled with rage that you verbally abuse your children, their teacher and your oppressively perfect wife. It is also a nightmare account of an endless home renovation.

I haven’t seen it on a movie screen since that first time, but on Friday it begins its annual pre-Christmas run at the IFC Cinema in Greenwich Village. I plan to take my 9-year-old son and my father, who has never seen it the whole way through because he thinks it’s too corny.

How wrong he is.

I’m no movie critic, and I’ll leave to others any erudite evaluation of the film as cinematic art, but to examine it closely is to experience “It’s a Wonderful Life” on several different levels.

Many are pulling the movie out of the archives lately because of its prescience on the perils of trusting bankers. I’ve found, after repeated viewings, that the film turns upside down and inside out, and some glaring  and often funny  flaws become apparent. These flaws have somehow deepened my affection for it over the years.

Take the extended sequence in which George Bailey (James Stewart), having repeatedly tried and failed to escape Bedford Falls, N.Y., sees what it would be like had he never been born. The bucolic small town is replaced by a smoky, nightclub-filled, boogie-woogie-driven haven for showgirls and gamblers, who spill raucously out into the crowded sidewalks on Christmas Eve. It’s been renamed Pottersville, after the villainous Mr. Potter, Lionel Barrymore’s scheming financier.