Confabulate: Talk informally, familiarly

I am reading a novel and one of the words in there caught my attention was confabulate. Sounds like a combination of words consulate and fabulous. con·fab·u·late- /kənˈfæb yəˌleɪt/ Pronunciation Key - [kuh n-fab-yuh-leyt], but the actual meaning according to a dictionary and dictionary.com is to talk informally and familiarly. I was trying to relate it to our daily lives. It’s all different and all unique, each one of ours. There are stories of happiness, sadness, laughter, agony and many more expressions and emotions. When I think of this word, I think it perfectly fits in each of our lives context. Each of our lives is a story, a fable. The tinge of ‘fable’ in the word shows how we talk so well about our stories. Always wanting a keen ear to listen to it, irrespective of the ear’s wish to listen or not. I would say that we all are the sufferers of ‘Confabulatism’ (that’s my own word now). Dont you agree?