A study is reported that examined memory for past experiences and anticipation of future experiences within panic disorder patients (N = 17), depressed patients (N = 16), and controls (N = 17). Anticipation and recall of positive and negative experiences were examined by administering an adapted verbal fluency paradigm. Participants were asked to generate future and past, positive and negative experiences in response to various time-frame cues. Anxiety was associated with generating more negative experiences but not fewer positive experiences; depression was associated with generating fewer positive experiences but not more negative experiences. The patterns for recall of past experiences and anticipation of future experiences were very similar.