A few years back, the Internet became hugely popular and analysts said that soon we'll forget how we could ever lived without it. Some believed that this was a golden opportunity to make millions -- few of them actually did. Only the first, those who in fact took the chances and invested into the so called new economy became millionaires; others, immediately followed. Within a very short while, every business man was looking for a start-up to invest in.
The great demand for web content developers, along with the high salaries and benefits drove thousands to quit their jobs, attend a six months programming courses and set out to work in the high tech industry.
The money kept rolling in and every single investor, who was on the verge of becoming a billionaire, waited on the tips of his toes; waited for his little start-up to become the next great thing that hits the Internet. But for some reason, the Internet didn't work as the analysts and business men expected it to. They were sure that people will be willing to pay for quality contents, but people didn't. It seems that for every website which supplied quality contents and charged for them, there were half a dozen websites which did the same for free.
The huge demand for web content developers was soon replaced with a huge wave of firing across the world. Investors realized that they cannot cash in on virtual products as there is too much competition and stopped investing in start-ups. The companies realized that the money flow stopped and had to let people go. These were the same people who previously whished to quickly learn a serious profession such as programming and ultimately failed.
Nowadays, there is almost no demand for programmers, it was filled by a small fraction of those who were fired; and those who couldn't find another job in high tech, smartly decided to leave the industry and return to the jobs they previously held.
Personally, I believe that the unqualified, over paid programers were the primary reason for the high tech crisis. But worry not. Computers and the Internet are already integrated into our lives, and as such, there will always be a demand for high quality programmers.