Yep! Everyone I knew with any CS classwork at all got snapped up into higher-paying work they were totally unready for and then they had to hire all the liberal arts majors for everything else.
I got a referral bonus when my employer hired my partner and we took all our also-baby friends out for dinner about once a week. A year or so later, the layoffs hit. And this is how I can spot a gold rush a mile away!