it's the inconstant see of human behavior, that humans will become optomistic, over optimistic and drive the economy in to -- >> charlie: humans will believe that housing prices will never go down. >> that's exactly. how in the world did they get that idea? once they -- george and i emphasize that it's driven by stories. that narratives drive -- for example -- >> charlie: the animal spirit is driven by stories. >> right. people have story of their lives. a story of my country a. story of what epic am i -- what great historical things are happen. >> charlie: what movie am i in? >> that's exactly right. people tend to view themselves -- >> charlie: we've seen this movie before they sometimes will say. can ahead. >> what was happening in the 1990s there was sense of possibility. we were entering the new millennium. the internet had just been discovered. young people were setting up dot.com companies. these stories were very powerful, because they suggested what we should be doing. i felt -- we feel like a lose fer we're not part of this. >> charlie: it suggests old rules didn't apply. >> so

it's the inconstan see of human behaviorthat humanwill become optomistic, over optimistic and drive the economy in to -- charlie: human wil believe th housing prices will ner go down. >> that's exactly. how in the world did theyget at idea? ce they -- george and i emphasize that it's driven by stories. that nartives drive -- for example -- >>harlie: the animal spirit is driven by stories. >> right. people have sry of their lives. a story of country a. story of what epic am i- what great historical this are happen. >> charl: what movie am i in? >> that's exactly right. people tend to view themselves -- >> charlie: we've sn this movie bere they somemes will say. can ahead. >> wt wasappening in the 1990there was sense of possibility. we were entering the new millenum. the internetad just been discovered. yog people were setting up dot.com compans. these storiesere ver powerful, because they suggested what we should be doing. i felt -- we feel like a los fer we're not rt of this. >> charlie: it suggests old rules didn't apy. >> so then you forgot history, you made the same mtakes again. >>