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Layoff & Java Job Market?

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Hi friends,
Recently I have been reading a lot about layoff and hiring freeze. How does this affect java programmers/developers in US & Canada?
(Motorola to layoff 2,500) http://cnnfn.cnn.com/2001/01/15/companies/wires/motorola_wg/
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I'v been talking to engineers and recruiters I know. Along with some articles I've read (there was a good one the other day, I'll try to find the title and post a ref), I'm convinced we have nothing to worry about. Personally, I think this is short term anyway, but that's just my little-economic training, opinion.
But economics aside, engineers, for the most part, aren't being laid off. Obviously when a compnies goes belly-up, everyone goes. But the companies, big and small, laying people off, are focuing on sales, marketing, support staff, project management, etc; enineers are being laid off in disproportionately small numbers. Plus, there are still plenty of companies which are hiring eningeers.
If you are a good, hard core programmer, you shouldn't have too much trouble finding a job.
Consider Paul's rocket mass heater.
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