Im a mechanical engineer - Work for Caterpillar Inc.
I wasnt sweating until the financial meltdown because if things continue folks will quit buying much of our product. I cant comment beyond that, I havnt seen a slow down in our business yet but logic tells me it will happen.

High commodity prices favor our business because we sell equipment to the mining and oil industry. Ive personally given Halliburton and Schlumberger execs guided tours of the facility I work at.

A Weak dollar can also favor our business - since we are an exporter, although we have moved some of our export business overseas to be closer to the customer.

Having said all that I think being an engineer is a good thing, even without my current employer. I could help design wind turbines, hydro projects or other means of trasnportation.

My job as a diesel engine designer is probably limited, but im not limited to diesel engine design.

I think its also important to have other basic skills. I hunt (firearms as well as a bow). Know how to prepare your own kills. Know how to sew. Plant a garden. You get the idea. Your job is important but I think of equal importance will be those long lost skills that some folks practice today as a "hobby".

As an engineer you get paid for what you KNOW not for what you DO, but dont be complacent. Manual skills will be increasingly important.