A fine example of subtext is this memorable scene from the Christmas classic It’s A Wonderful Life (1946). It’s Mary and George on the phone together with their ol’ pal George Wainwright. And while they’re talking about business opportunities, what are they really talking about?
INT. SAM'S NEW YORK OFFICE – NIGHT
MEDIUM CLOSE SHOT
Sam is seated at his desk, while a couple of his friends are nearby, with highballs in their hands.
SAM (into phone) Well, George Baileyoffski! Hey, a fine pal you are. What're you trying to do? Steal my girl?
INT. HATCH HALL – NIGHT
MEDIUM CLOSE SHOT – GEORGE AND MARY
GEORGE (into phone) What do you mean? Nobody's trying to steal your girl. Here... here's Mary.
SAM'S VOICE No, wait a minute. Wait a minute. I want to talk to both of you. Tell Mary to get on the extension.
GEORGE (to Mary) Here. You take it. You tell him.
MARY Mother's on the extension.
INT. UPPER HALLWAY – NIGHT
CLOSE SHOT – MRS. HATCH
As she hears this, she hastily hangs up the extension phone on which she has been listening.
BACK TO SHOT – GEORGE AND MARY
MARY We can both hear. Come here.
Mary takes the telephone from George and holds it so that of necessity George's cheek is almost against hers. He is very conscious of her proximity.
MARY (on phone) We're listening, Sam.
SAM'S VOICE I have a big deal coming up that's going to make us all rich. George, you remember that night in Martini's bar when you told me you read someplace about making plastics out of soybeans?
GEORGE Huh? Yeah-yeah-yeah... soybeans. Yeah.
SAM'S VOICE Well, Dad's snapped up the idea. He's going to build a factory outside of Rochester. How do you like that?
Mary is watching George interestedly. George is very conscious of her, close to him.
GEORGE Rochester? Well, why Rochester?
SAM'S VOICE Well, why not? Can you think of anything better?
GEORGE Oh, I don't know... why not right here? You remember that old tool and machinery works? You tell your father he can get that for a song. And all the labor he wants, too. Half the town was thrown out of work when they closed down.
SAM'S VOICE That so? Well, I'll tell him. Hey, that sounds great! Oh, baby, I knew you'd come through. Now, here's the point. Mary, Mary, you're in on this too. Now listen. Have you got any money?
GEORGE Money? Yeah... well, a little.
SAM'S VOICE Well, now listen. I want you to put every cent you've got into our stock, you hear? And George, I may have a job for you; that is, unless you're still married to that broken-down Building and Loan. This is the biggest thing since radio, and I'm letting you in on the ground floor. Oh, Mary... Mary...
MARY (nervously) I'm here.
SAM'S VOICE Would you tell that guy I'm giving him the chance of a lifetime, you hear? The chance of a lifetime.
As Mary listens, she turns to look at George, her lips almost on his lips.
MARY (whispering) He says it's the chance of a lifetime.
George can stand it no longer. He drops the phone with a crash, grabs Mary by the shoulders and shakes her. Mary begins to cry.
GEORGE (fiercely) Now you listen to me! I don't want any plastics! I don't want any ground floors, and I don't want to get married – ever – to anyone! You understand that? I want to do what I want to do. And you're... and you're...
He pulls her to him in a fierce embrace. Two meant for each other find themselves in tearful ecstasy.
GEORGE Oh, Mary... Mary...
MARY George... George... George...
GEORGE Mary...
CLOSE SHOT
Mrs. Hatch is at the top of the stairs. She practically faints at what she sees.


The first thing I noticed as I got to the video was that there was no (V.O.), but they used SAM'S VOICE.