"Twelve states require the consent of every party to a phone call or conversation in order to make the recording lawful. These "two-party consent" laws have been adopted in California, Connecticut, Florida, Illinois, Maryland, Massachusetts, Montana, Nevada, New Hampshire, Pennsylvania and Washington (Hawai'i is also in general a one-party state, but requires two-party consent if the recording device is installed in a private place)"

So if you're in one of the other 38 states (or one of the other 45 states if you attended the same U.S. studies class Obama attended), I guess you're free to record any of your conversations you'd like. (As long as you can prove you've given yourself consent. )