Earlier quoted context omitted.
Sort of. The problem with calling everything a bubble is the implication that bubbles inevitably pop. In our industry, good programmers tend to create a vastly disproportionate amount of value compared to what they're paid. It's easy to pay programmers hundreds of thousands of dollars because with programmers, a few thousands of dollars of computers and some electricity you can make millions. Maybe it's a bubble but…
Well, bubbles do pop. The market was hot 96-2000, then cold say 2001-2005, then got hot till the mortgage crisis, then cold until a few months ago etc. Great programmers can create a lot of value, in the right context . Boo.com ( http://en.wikipedia.org/wiki/Boo.com ) might have had developers as bright as Amazon's, working just as hard - but in the end they created $0 value.
Their technical people did pull off some great feats but ultimately it was a shambles from start to finish.