Yes midwives carry all equipment needed in an emergency.
there are only a few instances where "it" can hit the fan so quickly. BUT your m/w is with you the WHOLE time(unless she has to go to the toilet ) and will know the signs of 'trouble' before it gets bad.(unlike in hospitals where they have to go to other patients or fill in paper work in the office)
m/w still monitor your baby to.
M/ws are experts at birth! if bubs get stuck there are position changes that can also help bubs.
i recomend reading birthing from within, ina may gaskins guide to child birth, a thinking womans guide to childbirth... these will give YOU so much power and information over your birth.