Wow, I'm really bummed. I can't find my copy of "1000 Ways to Beat the High Cost of Living". I've been delaying this post until I could find it because there was a cute quip in there about treating fine woolens as you would treat your dear husband--be gentle, no twisting or wringing, etc... But I bet you already knew that. Stop snorting, I can hear you!
How about that jaunty little tassel?
Felting is really easy--and fun! The "mini duffel bag" started off as a rectangle stitched in alternating rows of double crochet. I crocheted the two end pieces separately and sewed them on right before putting the whole thing through the wash. In order to get the proper shaping in the finished piece, I've found that I've had the best luck stuffing it with dish rags, shaping it with rubber bands, and letting it air dry. You need to be patient though, air drying can take up to two days-- depending on the size of your project and the humidity in the air.
Just the right size for a pencil case.