A much quieter shop in Hamilton, Virginia.
Today on Planet Money:
— David Specht of Shelburne Falls, Mass., delivers today's Planet Money indicator. It has to do with sawdust and why his family started rationing it.
— U.S. officials are considering a new plan for saving troubled banks: create one big "bad bank." The idea, explains economist Larry Ausubel, is to launch a single institution charged with mopping up the toxic assets and selling them off. Ausubel has been testing a way of pricing the stuff no one seems to want. Bonus: Simon Johnson's "Bad Banks for Beginners."
— From his plans for a $10 million bonus to his $1.2 million office renovation, ex-Merrill Lynch CEO John Thain has become a leading villain of the financial crisis. Adam Davidson and Portfolio blogger Felix Salmon. Bonus: David Folkenflik asks "What's John Thain saying?"
Download the podcast; or subscribe. Intro music: Regina Spektor's "Better." Find us: Twitter/ Facebook/ Flickr.
Richard Patnoe, who owns a woodworking shop in Virginia, sends the photo for today's podcast. He writes:
I restore antiques and fine furniture for a living (a second career). My net income for 2008 is down 77% from 2007. This is not a job one does for love of money because it pays poorly to begin with but I earned less than $5000 in all of 2008.
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