I mean, not _that_ big a risk. Most people layed off are probably still going to manage to get another job making more than other occupations that never made the "big reward" salaries in the first place.
Re re-training yourself as a software engineer... I wonder how often people really need to do this either... to keep getting top possible salary maybe, but just ("just"!) to keep getting a better salary than most of the USA? Maybe sometimes. But, I mean, there are still people making very very good money writing Fortran and COBOL... probably better money than you can make writing PHP -- and you can still make better money than most of the USA writing PHP! OK if you specialized in, like, Flash or ColdFusion, you probably had to learn something different.