Why is the European press more pessimistic than the American press?

Paul Krugman points this out, for instance read today’s FT article, titled in the print edition "Investors Fear New Turmoil: Credit markets Expect Recession in US."  InTrade gives about a fifty percent chance of recession in the U.S., so you could argue the case for optimism or pessimism either way.

Does the greater pessimism of Europeans produce more disciplined and respectful children?  Or just more pessimistic newspapers?  I believe the "America is due for a comeuppance" view remains very popular across the Atlantic.

Addendum: Here is one optimistic account, from Oklahoma.