RS: 5 Inside the Meltdown - for real this time

“The financial system will melt down in a matter of days. If we don’t do this today, we won’t have an economy tomorrow.” Talk about a snowball affect. “The Meltdown” of 2008 was definitely the most impactful economic crisis and biggest spiral effect in the economy that I have lived through. The video provided detailed information about the 2008 meltdown from the housing burst to Obama getting into office and everything in between.

            In September 2008, there was an emergency meeting at the capitol, where congress watched the credit markets freeze after housing market crashed. Many people didn’t see this coming, due to the housing market roaring for months but when it crashed terror crept in quickly. When Bear Stearns could barely open horror struck Wall Street, Washington and almost every American. It was a difficult decision for many people in the Government to decide if they should bail Bear Stearns out or let them file bankruptcy. Paulson made a moral hazard point saying, “If you bail someone out of something they caused themselves, what incentive will they have to not make the same mistake”.

           After Bear Stearns, two huge mortgage companies were the next failure, Fannie Mae and Freddie Mac. The government stepped in to fire management and take over. Following that collapse Lehman brothers took a turn for the worse. At this point, it was officially the largest crisis since the Great Depression. This time the government didn’t want to step in and wanted Wall Street to find ways to resolve it. The only resolution was for another bank to buy out Lehman Brothers, but Bank of America and Barclays wanted nothing to do with it unless the Government intervened. From individuals, to companies and the government no one wanted to loan anything and credit markets froze. 

           The disease was spiraling and at now AIG, the largest insurance company, was at risk. After Lehman Brother’s declared bankruptcy, the economy had an even more drastic meltdown. The goevernment was limited and the financial system was quickly declining. Bills were created and rejects, ideas were proposed but nothing was getting through congress and it looked like nothing was going to work. Finally a revised bill was cleared and some people saw hope. Obama came into office in a major financial crisis, 350 billion dollars was given to save the financial system, and trillions were on the way.

            The meltdown was a frightening time for many Americans whether they were involved in business, government or individual practices. It didn’t take long for the panic to reach over seas when Lehman brothers collapsed. Suddenly, Ice land went bankrupt and China became a non growth company immediately. This economics crisis affected everyone and is still drastically affecting people. In no means is the crisis over, but there is hope on wall street and for many people that were affected.

RS: The End

After sitting through Professor’s Engle’s Macro Economics class, listening to the assigned podcasts and working on the econlab assignments, I’d say I’m on a successful path to being a genius. Economics is involved in everything today and a background of economics is crucial, whether you’re involved in business or not. With the application of listening to real world podcasts and understanding economic concepts, I learned fundamental macroeconomic skills.

            Throughout the semester I enjoyed the podcasts/videos the most. Listening to people converse about economic topics was not only interesting but also insightful. I found some more interesting than others but overall they were good. The videos were educational videos but not boring. “The Warning” video about the women in Washington foreseeing the 2008 market collapse was extremely interesting. And other videos reminding us the world isn’t going to be over “Not Everything Sucks”, was enjoyable also.

          When a teacher gives an application in class and a student takes a test on it, it’s easy to forget the information days after the semester is over. When videos and podcasts are watched and then reflected upon it’s easy to remember. I think this information will be retained from the fact that I did the work by listening and reflecting. Overall, the class was enjoyable and educational. 

            

Interview Project Reflection

The interview project was a good assignment. I enjoyed interviewing my grandfather and my father. On the other hand, I didn’t really enjoy answering these questions. This may be a sexist comment but I feel that men are just more involved in economics and politics. Not to mention I am 20 years old and don’t really stay that up to date with the News, although I really should especially because I am a Business major.

Before doing this Economics interview I always knew my grandpa was extremely Republican my dad was somewhat Republican but I didn’t think some of their responses would be that much different. It was definitely interesting to see how much they agree and disagree on certain things. What surprised me the most was that the recession didn’t affect my grandfather. Maybe it’s because he is retired but I thought the recession affected everyone in one small way or a big way. Another thing that surprised me was that my grandfather did not get a credit card until the age of 32. It clearly was a different time back then, but by 32 he already had two children and was trying to start his own business.

Overall, the project was interesting and insightful. I think interviewing them in person also helped as opposed to over the phone or just making them fill it out. It was good to hear their tone of voice and their initial instinct on the questions. 

Interview Project

Economics has played an integral part in everyone’s life, whether people realize it or not is a different story. I interviewed my father who is 51, my grandfather who is 74 and myself. The following is the list of questions and the responses from all three of us.

Question: The government should regulate the economy.

            Grandfather: strongly disagree

            Father: disagree

            Michelle: disagree

Question: Politics has a major influence on the economy.

Grandfather: strongly agree

            Father: strongly agree

            Michelle: strongly agree

Question: Everyone should take an economics class in high school.

Grandfather: strongly agree

            Father: strongly agree

            Michelle: strongly agree

Question: Banks should be government owned.

Grandfather: strongly disagree

            Father: strongly disagree

            Michelle: disagree

Question: The government bailouts worked.

Grandfather: strongly disagree

            Father: strongly disagree

            Michelle: disagree

Question: Local government should have more control.

Grandfather: strongly disagree

            Father: agree

            Michelle: neutral

Question: We should invade Iran.

Grandfather: strongly disagree

            Father: agree

            Michelle: strongly disagree

Question: In 6 months the economy will be better than today.

Grandfather: disagree

            Father: agree

            Michelle: disagree

Question: I am well informed about economic news.

Grandfather: neutral

            Father: agree

            Michelle: disagree

Question: The recession personally affected me.

Grandfather: strongly disagree

            Father: agree

            Michelle: neutral

Question: In your lifetime, what city that you are familiar with has changed the most (both positive and negative)?

Grandfather: New York City

Father: New York has change for the positive and Camden in New Jersey has declined the most

            Michelle: New York City

Question: In your opinion, what president had the biggest positive impact on the economy? Why?

Grandfather: Regan – He just really knew what he was doing in office and how to help

            Father: Regan – I just think he improved the economy and the country

            Michelle: I don’t really have a favorite.

Question: What is your first memory of a major economic event impacting your life?

Grandfather: the recession in 2008

            Father: the oil crisis in the 70’s

            Michelle: September 11, 2001

Question: How do you get economic news? How has this changed over your life.

Grandfather: I used to get news through the paper, now I get news through the television

Father: I usually get the news through the Internet, or cable news channels and this has changed significantly through my life.

            Michelle: I get all my news from the Internet, and I always have

Question: What is your definition of economics (when you hear the word economy or economics what do you think about)?

Grandfather: dollar value

            Father: the business, the capital and business state of an are or the world

            Michelle: my macroeconomics class

Question: How do you deal will rising prices e.g. substitute cheaper brand, stop buying? Any examples?

Grandfather: Cut-backs is basically the only way to deal with it.

            Father: Conserve, switch brands, and look for lower prices. A good example o f this is using the app on my iPhone to find cheaper gas prices in the area.

Michelle: I try and not drive as much and now insist on making people pay when I drive long distances. I also try and only buy things I need but that doesn’t always work.

Question: What product or service has most changed over your lifetime?

Grandfather: The Internet is amazing how it has developed through the years.

Father: I was brought up with no computers and had to adapt to the new computers and watched them develop. The things a computer can do used to be unthinkable.

Michelle: I think the Internet has been a big change. I was brought up with computers but used to have to wait for dial-up and the internet wasn’t as easy to access.

Question: How do you handle saving and how has this changed

Grandfather: I really try and observe prices and spend less.

Father: We try and put money away every week, utilize a 401 K and put away any bonuses. Savings have become more difficult as a result of having two children in college and as a result of the economic downturn

Michelle:  I am really not good with saving my money even though I should be on a college budget. I try and only buy what I need but I work in the Summer and use that money to last me all year while putting some in a savings account.

Question: What product or service has had the biggest price change in your life?

Grandfather: I really try and observe prices and spend less.

Father: We try and put money away every week, utilize a 401 K and put away any bonuses. Savings have become more difficult as a result of having two children in college and as a result of the economic downturn

Michelle:  I am really not good with saving my money even though I should be on a college budget. I try and only buy what I need but I work in the Summer and use that money to last me all year while putting some in a savings account.

Question: What age were you when you got your first credit card?

Grandfather: 32

Father: 17

Michelle: I got a debit card, which is also a credit card at 18

Question: What was the price of gas when you got your first car?

            Grandfather: 50 cents a gallon

            Father: 37 cents a gallon

            Michelle: 2 something like 2.42

RS Your Choice

The housing crisis has affected no matter their living status. This podcast is mainly about an employee at Countrywide Mortgage, a large mortgage company. She was one of the many people affected by this crisis resulting in her seven-year mortgage loan. Her own company was increasing the prices of her mortgage. Quickly, she learned this company had a high turnover rate and they did not treat their employees correctly. After surveying fellow employees on job-satisfaction, the average was low teens if not single digits. She gave the results to the CEO and people in higher positions at the company to hope that proper actions were taken. Unfortunately, nothing ever happened. When Bank of America was trying to buyout Countrywide they asked this employee to create a PowerPoint to present her results. Weirdly enough, they never saw the correct PowerPoint. After lawsuits and the loss of a job, settlements were made and Bank of America bought out Countrywide.

What surprised me most about this podcast was the way Countrywide Mortgage screwed over their employees. It’s unfortunate to hear an employee being treated unfairly but even worse to hear nothing was done about it. Not only did she create a presentation for Bank of America but also, she went out of her way to survey other employees to see the results so low. 

The Warning

It’s a frightening thought that the economic break down could have been helped if people listened. Brooksley Born, a female chairperson at CFTC, a small government agency, tried to regulate derivatives, which would have made this break down not as bad. Who to blame for this? Some say Alan Greenspan and his committee.

Alan Greenspan, also known as “the Wizard” for his outstanding knowledge of the economy or at least his appearance of knowing all that he knew. Greenspan was an economist in the White House working with five presidents. He was well known and had renowned thoughts along with his committee members Summer and Rubin. Theses prominent men had similar views about Wall Street, essentially that the less government regulation the better. This made for an inevitable clash with Brooksley Born.

Born wanted to investigate the unregulated derivatives on Wall Street. The CFTC first found out about these large loans of money from Proctor and Gamble. But it was difficult to investigate because there was no record-keeping requirement. Overall, the market for derivatives was not well understood and only the people involved knew what was going on. By 1998 when the economy was booming, Greenspan, Rubin and Summer didn’t see the investigation to be necessary. When Brooksley tried to stop derivatives, the committee put out information to newspapers and congress saying they shouldn’t trust Brooksley. They lobbied hard, and congress believed them so no regulations were set.

 

Brooksley Born resigned and years later the economy collapsed with derivatives being a main point. Once a woman described as stubborn and difficult was know known as committed and dedicated. To this day Greenspan admits he was wrong and he had a flaw in his model of hands off.

No matter who is to blame for not listening to Born when she tried to regulate derivatives it’s unfortunate that nobody did. It’s also depressing to think the fact that she was a female had something to do with this. The economy and the business world is definitely not as male oriented but men still play the dominant role. 

RS: NES

Han Rosling’s statistics presentation and Peter Diamandis’s speech were both inspirational and interesting. It was interesting to see the remarkable progress in the past two hundred years in over two hundred countries. From 1810 when all the countries were sick and poor, to 1948 when the differences of the world were wider than ever up until today, life span has increased and so has income. Based on gathered information and the past progression, Rosling was able to share this and insure a positive outlook for the future.

The abundance in the future that Diamandis lectured about was also positive similar to Rosling’s. The negative media that begins the presentation is a good example of why we’re so pessimistic in addition to his explanation of the danger detector in the brain. Clearly, there are problems in the world and Diamandis does recognize them. But he also brings our attention to the fact that we are living during the most peaceful time ever. Thanks to technology, our world has been able to grow and prosper through the years. But now more than ever technology is playing a significant part in the great progression of the world. Communication is a point that no one could have ever predicted and health is about to explode to the unimaginable.

Overall, I thought both these videos were really good. The information in the second video gave positive examples to the outlook rather than past numbers. It will be interesting to see things like a device that can diagnose you and it’s good to hear an optimistic speech about the future.

RS Regulators Mount Up

Economics have played a pivotal role in our history and will always be significant. The video “Commanding Heights: The Battle of the World Economy” is an informative documentary explaining the different markets throughout history. From today’s globalization to inflation in the 1920’s and everything in between this video reveals different economic practices and how the history of economics has shaped our economy today.

            At some points in history capitalist systems were the only model, at other times communism seemed to be the idealistic system. No matter the governing factor, these ideas are the reason we are where we are today. Ideas from before World War I still shape ideas today. While socialism in Austria in 1919 seemed to be the promising structure, other ideas were bonced around. An example in the documentary compared prices to traffic signals. When you don’t have prices or traffic signals there is chaos. In Moscow in 1922 the state completely controlled the economy, when the “new economic policy” was implemented neighboring countries invaded. When times were bad in Vienna in 1923 the defeated government printed more money to try and make this better but only resulted in inflation. People would bring baskets full of money just to get a loaf of bread. The 1920’s in New York is a well known time in history. The twenties were booming until the stock market crashed and half the banks closed leading to the Great Depression. This lead to other countries economies collapsing, leaving millions out of work across the globe. John Keynes wrote about this economic crash specifically about what caused the great depression and what to do about it. The documentary explains things in this book are still things discussed in Macroeconomics and lay as the primary foundation for Macro. Back in America, Franklin D. Roosevelt created the New Deal as a reform to rebuild the economy, which stabilized industries. After these tough times countries continued to debate over government power and certain things worked for certain counties. When one third of the world adopted socialism the Cold War broke out as another war in History. The world then turned again toward planning and power.

            Throughout history their has been much debate over which governing system works best. I think history can speak for itself, not everything works for every country and not everything always works. There are still going to be good economic times and bad economic times. With a better understanding of how each country operates we can only hope economic wars won’t ruin countries or economies won’t crash. Nothing is predicable but judging by this video Keyne wrote an extremely intelligent novel in which we may need to revert back too rather than forgetting the simple things written in history. 

RS Spring Break : A Time For Reflection

            Economics has been an interesting class to say the least. From the stories about cock blocking to learning about CPI’s, there are a lot of memories form this class. I think my strongest memory has been the picture of the chicken McNuggets, also known as “pink goop”. Sorry it’s not economics related, but that picture is a strong memory and strong picture I can’t get out of my head. My strongest memory about an economic concept has been GDP. Probably because we had to read, write, and watch things about this and I got a thorough understanding of GDP.

            As far as blog post, my favorite has been the one about Katy Perry and learning where all the money is distributed. I found it extremely interesting to learn how record companies get barely any money, and how they’re trying to change that. I think I need to work on RS 5 – “Inside the Meltdown”, considering I haven’t really done it yet.

            This class has taught me how to focus. When we need to memorize the answers for the tests I used to find it extremely difficult. When I focus on the tests I can memorize them so quickly. 

RS 9: CPI

        

    This podcast about consumer price index was insightful in explaining how they get this number but I still don’t have a thorough understanding on exactly what this number means. As explained in the podcast, the CPI is an important number released monthly, telling us if the price in the US has gone up or down (facing inflation or deflation). With that being said, that was basically the only explanation of CPI.

         

   The podcast then discussed how the government figured out the monthly CPI. Interestingly enough, 450 economic assistants for the Bureau of labor statistics physically go to stores throughout the US and price different things. These items are chosen based on typical purchases of the typical household in America.  This strategy of having hundreds of assistants going out monthly to different stores seems a little tedious and I feel like there needs to be an easier way. Apparently, there isn’t and they find this necessary. Overall, I found this podcast interesting but not totally comprehensive. 

RS 8: GDP

Before listening, watching and reading these sources of information the only thing I knew about GDP was what it stood for; gross domestic product. So it’s easy to say I learned a lot from these, but what I found most interesting was how this number isn’t all-inclusive.

I understand that this number means a lot and according to Simon Johnson it is a measure how the economy is doing. Additionally, the podcast explains how this one number contains all good and services that US produces. However, I think the omissions of the GDP are significant. I specifically liked how the podcast related GDP to a students GPA. It’s a number that means a lot but at the same time there’s a lot missing. Especially with the GDP where it only counts the positives, none of the negatives like the example of the oil spill. The other interesting part was the standard of living between the United States and Europe compared to by their GDP’s. I can know say (with the little knowledge I know about GDP) that I agree with the article that the GDP is just the start of comparisons. It’s a number that means a lot in one sense but is very broad at the same time.

RS 7: Ken Robinson & Education

I’ve been sitting in classrooms for over a decade with different teachers, learning about different things, in different schools. But a commonality that does exist, that Ken Robinson spoke about, is that every education has the same hierarchy. With math and language being at the top followed by humanities and art being the lowest on the chain. Not only is there a hierarchy of education but also a lack of creativity or at least further developing students creative side of the brain. Ken Robinson’s speech about schools killing creativity is an insight to what the future may hold and the problems in the education system at the present time.

Many people say there are many flaws with the education system whether that may be with our testing systems or, like Ken Robinson says, the lack of creativity that the education system allows. No matter what, the education system is a crucial aspect of children’s lives and is a significant part of children’s developments. Ken Robinson explains how kids are willing to take chances but when they become frightened of being wrong they loose their originality. Which leads to students “growing out of creativity”. The problem that this causes is an issue on a personal level but also a problem for the future. Robinson declares the education system needs to be reevaluated.

I think Ken Robinson has a valid point with saying the education system has flaws. I know first hand my sister, who is an artist, had a major problem with the education system throughout her life. For nine years of her life she struggled through classes, getting poor grades on her report cards, and getting in trouble from my parents. My parents hired a different tutor for each class to try and increase her grade but the only class that had a good grade was art, which only met once a week. By the time high school came, she was able to pick a few art classes as her elective but still did poorly in all of her other classes. Sheg ended up going to college at Marywood University, an art school, in which she excelled and did extremely great. To this day, she is working at top magazine in New York City making a great amount of money, loving her career. After struggling through all of her years in the education system she is know more successful than anyone would have thought. 

RS 5: Inside the Meltdown

RS 6: Personality Test

Personality test results

Ta-dah, your personality type is ESFJ!

Extraverted (E) 93%	Introverted (I) 7%
Sensing (S) 73%	Intuitive (N) 27%
Feeling (F) 65%	Thinking (T) 35%
Judging (J) 77%	Perceiving (P) 23%

RS 4: superbowl sunday

The National Football League and money go hand in hand; there is clearly a lot of money involved in the NFL. This podcast about the superbowl and the city in which it takes places is interesting in explaining how that city doesn’t benefit. Well atleast as much as I personally thought it benefited.

 This year, superbowl 46 is being held in Indianapolis at the Lucas Oil Stadium, where the Colts consider home. This stadium was built in 2008, the same year in which it was chosen to host the 46^th superbowl. The economists in the podcast make it clear that this was not a coincidence. Costing over 700 million dollars this Football stadium won’t be paid off for another 30 years. When teams and cities decide to renovate or redo a stadium the NFL tries to reward them. The NFL says the reward of hosting a superbowl will beneficial to the stadium and the surrounding economy.  If the NFL told me that, I would believe that. Considering all the people that come together and the money that is spent.

These economists point out that the money is being spent but it is more so “being sucked out of people’s hands and disappearing”. The NFL has a flawed way of over counting the benefits to the economy. It’s better to say that money is being shifted around than anything else. The city itself thinks that there economy will not only benefit from the superbowl but it will also help public relations within the city. This podcast explains how there are very few success stores of special events making a city prosper. Clearly, there is a misinterpretation about the benefits in a city from the NFL. I think the podcast successfully explains the way in which the superbowl has flawed benefits.  

RS 3 My learning style

Visual/Nonverbal 30 Visual/Verbal 24 Auditory 30 Kinesthetic 22
Your primary learning style is:

		Your Scores Indicate a Balance of Learning Styles Use your highest scores to review your indicated learning styles. The Visual/ Verbal Learning Style The Visual/ Nonverbal Learning Style The Tactile/ Kinesthetic Learning Style The Auditory/ Verbal Learning Style
		The Visual/ Verbal Learning Style  You learn best when information is presented visually and in a written language format. In a classroom setting, you benefit from instructors who use the blackboard (or overhead projector) to list the essential points of a lecture, or who provide you with an outline to follow along with during lecture. You benefit from information obtained from textbooks and class notes. You tend to like to study by yourself in a quiet room. You often see information "in your mind's eye" when you are trying to remember something. Learning Strategies for the Visual/ Verbal Learner:  To aid recall, make use of "color coding" when studying new information in your textbook or notes. Using highlighter pens, highlight different kinds of information in contrasting colors. Write out sentences and phrases that summarize key information obtained from your textbook and lecture. Make flashcards of vocabulary words and concepts that need to be memorized. Use highlighter pens to emphasize key points on the cards. Limit the amount of information per card so your mind can take a mental "picture" of the information. When learning information presented in diagrams or illustrations, write out explanations for the information. When learning mathematical or technical information, write out in sentences and key phrases your understanding of the material. When a problem involves a sequence of steps, write out in detail how to do each step. Make use of computer word processing. Copy key information from your notes and textbook into a computer. Use the print-outs for visual review. Before an exam, make yourself visual reminders of information that must be memorized. Make "stick it" notes containing key words and concepts and place them in highly visible places --on your mirror, notebook, car dashboard, etc..
		The Visual/ Nonverbal Learning Style You learn best when information is presented visually and in a picture or design format. In a classroom setting, you benefit from instructors who use visual aids such as film, video, maps and charts. You benefit from information obtained from the pictures and diagrams in textbooks. You tend to like to work in a quiet room and may not like to work in study groups. When trying to remember something, you can often visualize a picture of it in your mind. You may have an artistic side that enjoys activities having to do with visual art and design. Learning Strategies for the Visual/ Nonverbal Learner:  Make flashcards of key information that needs to be memorized. Draw symbols and pictures on the cards to facilitate recall. Use highlighter pens to highlight key words and pictures on the flashcards. Limit the amount of information per card, so your mind can take a mental "picture' of the information. Mark up the margins of your textbook with key words, symbols, and diagrams that help you remember the text. Use highlighter pens of contrasting colors to "color code" the information. When learning mathematical or technical information, make charts to organize the information. When a mathematical problem involves a sequence of steps, draw a series of boxes, each containing the appropriate bit of information in sequence. Use large square graph paper to assist in creating charts and diagrams that illustrate key concepts. Use the computer to assist in organizing material that needs to be memorized. Using word processing, create tables and charts with graphics that help you to understand and retain course material. Use spreadsheet and database software to further organize material that needs to be learned. As much as possible, translate words and ideas into symbols, pictures, and diagrams.
		The Tactile/ Kinesthetic Learning Style  You learn best when physically engaged in a "hands on" activity. In the classroom, you benefit from a lab setting where you can manipulate materials to learn new information. You learn best when you can be physically active in the learning environment. You benefit from instructors who encourage in-class demonstrations, "hands on" student learning experiences, and field work outside the classroom. Strategies for the Tactile/ Kinesthetic Learner: To help you stay focused on class lecture, sit near the front of the room and take notes throughout the class period. Don't worry about correct spelling or writing in complete sentences. Jot down key words and draw pictures or make charts to help you remember the information you are hearing. When studying, walk back and forth with textbook, notes, or flashcards in hand and read the information out loud. Think of ways to make your learning tangible, i.e. something you can put your hands on. For example, make a model that illustrates a key concept. Spend extra time in a lab setting to learn an important procedure. Spend time in the field (e.g. a museum, historical site, or job site) to gain first-hand experience of your subject matter. To learn a sequence of steps, make 3'x 5' flashcards for each step. Arrange the cards on a table top to represent the correct sequence. Put words, symbols, or pictures on your flashcards -- anything that helps you remember the information. Use highlighter pens in contrasting colors to emphasize important points. Limit the amount of information per card to aid recall. Practice putting the cards in order until the sequence becomes automatic. When reviewing new information, copy key points onto a chalkboard, easel board, or other large writing surface. Make use of the computer to reinforce learning through the sense of touch. Using word processing software, copy essential information from your notes and textbook. Use graphics, tables, and spreadsheets to further organize material that must be learned. Listen to audio tapes on a Walkman tape player while exercising. Make your own tapes containing important course information.
		The Auditory/ Verbal Learning Style  You learn best when information is presented auditory in an oral language format. In a classroom setting, you benefit from listening to lecture and participating in group discussions. You also benefit from obtaining information from audio tape. When trying to remember something, you can often "hear" the way someone told you the information, or the way you previously repeated it out loud. You learn best when interacting with others in a listening/speaking exchange . Strategies for the Auditory/ Verbal Learner:  Join a study group to assist you in learning course material. Or, work with a "study buddy" on an ongoing basis to review key information and prepare for exams. When studying by yourself, talk out loud to aid recall. Get yourself in a room where you won't be bothering anyone and read your notes and textbook out loud. Tape record your lectures. Use the 'pause' button to avoid taping irrelevant information. Use a tape recorder equipped with a 3-digit counter. At the beginning of each lecture, set your counter to '000.' If a concept discussed during lecture seems particularly confusing, glance at the counter number and jot it down in your notes. Later, you can fast forward to that number to review the material that confused you during lecture. Making use of a counter and pause button while tape recording allows you to avoid the tedious task of having to listen to hours and hours of lecture tape. Use audio tapes such as commercial books on tape to aid recall. Or, create your own audio tapes by reading notes and textbook information into a tape recorder. When preparing for an exam, review the tapes on your car tape player or on a "Walkman" player whenever you can. When learning mathematical or technical information, "talk your way" through the new information. State the problem in your own words. Reason through solutions to problems by talking out loud to yourself or with a study partner. To learn a sequence of steps, write them out in sentence form and read them out loud.