The Map and the Territory

So the book is called The Map and the Territory.

In 2008, so you're the Fed chairman. In 2008, you testify that the one thing about this financial collapse that you didn't see coming was that you thought the banks would have been better stewards of their own capital, that they would have been better self-regulators, and that this book was your journey into finding out why they were terrible.

Well, I don't think they fully understood the types of risks that were out there.

the simple premise which we all made were that people would act rationally in their long-term self-interest made a huge impact on how you viewed how the economy would function.

I think the number ought to be twice that. So 22 percent of that kind of thing.

And that too I kind of borrowed that metaphor from it's a metaphor from a philosopher from mid-century called The Map in the Territory which is just sounds very simple but it's something that we have a hard time keeping in mind as you brought up that our perceptions of the world are like a map that we're drawing.