My experience in the 2000 bust was that there were too many programmers. The market was flooded with dead weight who should have been in sales or management or baristas, but there just happened to be roles to fill.
My experience in 2000 was that experienced, hard-core coders and systems guys ended up dumped on the market with a ton of HTMLgrammer chum and simultaneously all of the big employers had instituted hiring freezes. Good people on the street for 6+ months, not just the pretenders.