This paper addresses two questions: first, how do phantasies work? Second, how do these mental activities affect a person's overall emotional life? The first question tends to be overlooked since those who accept, for example, projective identification as a basic mental activity tend also to treat it as an explanatory primitive. On this view, there is no further question to ask about how projective identification itself works; rather, other psychological and emotional phenomena are explained in terms of it. By contrast, this paper asks, how does projective identification itself work? The aim is not to provide a reductive explanation but to ask how it is that phantasies have the efficacy they have. To that end, one moment in the analysis of the Rat Man is re-examined. There is then an attempt to show the difficulties involved in weaving an account of phantasy into the broader-scale interpretation of emotional life.