I started college right after the .com crash. Everyone who treated their education as a simple wealth maximization optimization went into other majors. The number of incoming CS majors was approximately quartered. (Software? That is all going to be outsourced!)

By the time I graduated, computers were cool again.

Predicting the job market is like predicting the stock market. You don't necessarily know where things are going to end up, and simply being reactionary will lead to sub-optimal outcomes.

Learn things that are hard to do, or you wouldn't finish if you weren't coerced with a final grade.

One positive in the current environment is that people who actually know computer science won't be forced to toil endlessly on what are essentially CRUD systems, and can move on to solve second- and third-order problems where their actual computer science skills can pay off. We can stop reinventing (slower and slower) webpages and 3270 terminals.