I do not think it is the Thalamus... but I can't think of where that is...
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Way station. The way station is the thalamus, like the big train stop where most sensory input goes before it heads to its final destination.
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I'm not sure what you mean by "waste station" but the brain does not have a way to get rid of metabolites other than by depositing them in the veins to be carried to the heart, lungs, heart again, and eventually to the kidneys or liver.