Intended as a follow-up to the fabulously successful Broadway Melody, Chasing Rainbows reunites several of the leading players of MGM's Hollywood Revue of 1929. The story concerns a troupe of travelling entertainers, all of whom would like to escape their peripatetic existence but none of whom have the guts to do so. Song-and-dance man Terry (Charles King), the unofficial star of the troupe, is a swell-headed jerk, who ignores his ever-loving partner Carlie (Bessie Love) in favor of predatory leading lady Daphne (Nina Martan). He finally realizes what a fool he's been when Daphne walks out on the show and faithful Carlie takes her place. Marie Dressler and Polly Moran provide their usual comedy relief (including the by-now-obligatory drunk scene), while Jack Benny is surprisingly cast in a dramatic role as the troupe's master of ceremonies. Even so, Benny rises to the occasion whenever a laugh is called for: Playing for time when Daphne storms out of the show, he turns to the audience and quips "Sorry, folks, but the leading lady broke her leg and we had to shoot her." Of the songs heard in Chasing Rainbows, the most memorable is "Happy Days are Here Again," which two years later was selected as the signature tune for Franklin D. Roosevelt's presidential campaign.
by Hal Erickson synopsis