In 1936, Spanky and the rest of Our Gang made a short called "The Lucky Corner". The kids were helping a friend and his family sell lemonade by putting on a show for the folks in the neighborhood. Here in "Waldo's Last Stand", it's essentially the same plot--just reworked a bit.
Waldo (the bookish one) is trying to sell lemonade without much success. So, his friends (Spanky, Alfalfa, Darla, Buckwheat and Bobby Blake) decide to put on a show to sell his lemonade. However, only one kid shows up to the god-awful show (and, frankly, all the shorts featuring talent shows were pretty bad) is Billy 'Froggy' Laughlin--who doesn't seem the least bit interested in buying a drink while he watches the show. Then, ultimately, comes the punchline--which I had anticipated.
Aside from the punchline, it's yet another typical late Our Gang comedy. Up until the arrival of Alfalfa and Darla, the films NEVER featured song and dance numbers. Now, in these later incarnations, the emphasis was NOT on comedy or the way kids really behaved but on horrible dance numbers that just grate on your nerves. While I am NOT a fan of musicals, musicals involving kids are almost always MUCH worse. Where's the comedy in this one? It's only at the very, very end. Overall, adequate and nothing more.
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