How about a little good news for you entrepreneurs working on business plans this morning? While Depression 2.0 increasingly seems to be the tone regarding the economy, Wall Street, and, yes, even fledgling start-ups, we think reporter Chris O'Brien at the Silicon Valley Mercury News makes a good point: "if things are so bad, why are venture capitalists smiling?"

Now, you may be wondering who's smiling—particularly if you happened to catch that now-infamous presentation that VC firm Sequoia Capital showed their portfolio start-ups. You know, the one which basically suggested that Armageddon is nigh. But despite that and other gloomy forecasts from some VCs, O'Brien says that the tone at the Web 2.0 Summit in San Francisco last week was decidedly upbeat. He may be on to something - there were no gravestones, after all. Here's what he says has venture capitalists in such a great mood:

-"Opportunities are incredible." VCs are concerned with what's going to happen three to five years from now, not with short term tumult. In a tighter market, this means VCs have the ability to reinvent emerging markets like green tech and energy—and that there's still an enticing payoff down the road, no matter what's happening right now.

-"Technology marches on." You can't stop innovation.

-It's "a good time for innovation." Remember Charles Darwin? Tough times weed out the weaker competition leaving the strong to survive.

-"Obama, Obama, Obama." Says O'Brien: "There was plenty of talk about how Obama 'gets' the Web and will bring people into government who share his perspective. Also, this is an industry that feeds on optimism, and his election has definitely provided this crowd with a healthy dose of optimism."

-"We're older and wiser." Entrepreneurs and VCs have learned from the dot-com burst—and won't repeat the same mistakes.

-"No guilt complex. When it comes to the global financial meltdown, no one is blaming Silicon Valley."

-"Plenty of nuts [have been] gathered for the long winter." Serious entrepreneurs started getting prepared for this downturn quickly and have started hoarding cash. That means they're ready to brave whatever comes (well, the strong start-ups, at least).

Thoughts?