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When you think of the holidays, you always think of Arnold Schwarzenegger. Maybe you just think of Arnold all the time. Which fits perfectly into the Xmas spirit theme for this film -- don't learn any lessons of Christmas, don't change how you feel about life and commit heinous crimes in the search of consumerism that you fail to accomplish.
Beyond how unbelievably bad it is overtly, I mostly want to talk about its failures for being a Christmas movie (as is tradition for our holiday specials). The primary problem here is that it can't even be an Xmas movie. It's a movie that takes place during Christmas (kiss my ass, all who say Die Hard is a Christmas movie), but it fails to achieve any Spirit of Christmas themes (hell, even The Star Wars Holiday Special manages that).