Has the author heard of "outsourcing" before?
As it turns out programming being lucrative, led to lots of programs teaching it all over the world, which in turn led to a situation, where the labor market for programmers collapsed. Hiring too many programmers is not something you do out of greed, basic economics tells you that this move increased salaries for programmers. Companies hired because they anticipated competition around talent and new projects where these developers could work profitably for the company.