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It's a Todd Haynes film about the glam rock movement. All the characters are composites of the various musicians from the time - Bowie, Lou Reed etc. Christian Bale plays a journalist who is trying to find out what happened to all of the musicians once the glam scene died. Ewan McGregor plays Curt Wylde (his backing band the Wylde Rats includes Thurston Moore and Mark Arm), who is mostly based on Iggy Pop, but has a few bits inspired by Lou Reed also.
It got some awful reviews when it came out, but I'm quite fond of it in a way. I think Todd Haynes has a good way of telling stories.
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