10 reasons to be miserable:

1. The high oil price is transferring your purchasing power to crude producers
2. Moodys programmers cocked up its ratings
3. Your house is probably worth less than it was last year
4. Alan Greenspan is bearish
5. Ben Bernanke sees parallels with the 1930’s Great Depression
6. Today’s economy looks a lot like the 1970s
7. Oil market speculation is so corrosive that Germany wants to ban it
   
8. Growth rate of real wages lags that of GDP; and the borrowing to consume era is over
9. Potential for serious labour strikes
10. Protectionist policies limbering up ready for action
    

10 reasons to be cheerful (cross read with the above):

1. Soros says oil price is only a bubble!
2. S&P put Moodys on negative watch with a straight face
3. Your house is worth more than it will be next year
4. Alan Greenspan no longer runs the Federal Reserve (rumour has it)
5. Today’s economy bears amazingly little resemblance to the 1930s
6. The 1970s gave the world great fashion
   
7. Germany is improving its sense of humour
8. Consumer electronics inflation tame – still time to load up on a HD flat screen TV!
9. Balmy meteorological forecasts for summer labour marches
10. What's so great about cheap imported electronic goods anyway?

Many thanks to Littlewoods' 1970s catalogues for the fabulous casual men's fashion and Ferguson VHS ads.