I think Paul Muni's portrayal borders a little to close to sterotypical, but Rainer's rings true with much more dignity and truth. Well, as close as "whitey" can get playing an Asian.
She doesn't seem to "play Asian" so much as play the character. That's why it works so well for me. Paul Muni is playing Asian (and the character). Muni was a fine actor, but the conventions of the day not only dictated that a white film star play this role (at a major studio like MGM), but also how that role would/should be played.
Rainer didn't follow that convention anywhere near as much, which contributed to her Oscar win, IMO.
I love her in The Great Ziegfeld, too, but by today's standards, it's a supporting role not leading. That was the very first year (1936) the supporting categories were ever recognized, but Rainer was in (and won) Leading Actress. She's not even in the last 90 minutes of the 3-hour film.
Also, I think her performance is an acquired taste, because she's so flighty and melodramatic and hilarious and eccentric that you can't imagine Academy voters taking it seriously. Then she has her "goodbye, Flo" conversation with Ziegfeld on the phone, and she drops all of that schtick. It's such a sweet, understated, heartbreaking scene. That's why she won, no question.
I probably would have voted for Carole Lombard in My Man Godfrey that year, but I digress ...
I do think Luise won very deservedly for The Good Earth, however.
"Jaws is the Citizen Kane of movies."
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