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You mean somebody who knows how to develop in Java, PHP, Python, Perl, C, C++, Javascript, Ruby, LISP - all languages developed more than 10 years ago - is "wholly unemployable right now"? Doesn't seem to match my experience even a little bit. Programming practices also hasn't changed that much. In fact, there are still jobs for COBOL and Fortran programmers - not that many, but there aren't that many COBOL and Fortran programmers either nowdays.

There's a shortage of COBOL developers that are needed to maintain and update legacy financial mainframes that still don't make economic sense to replace since they operate at critical infrastructure points 24/7 and over the years have become pretty bulletproof.

Replacing these systems is extremely difficult since they're so relied on a replacement needs to be nearly flawless form the start. If you stumble upon on a bug in your international wire transfer code you could be messing up a $10 billion international aid wire that was meant for hundreds of factories.

Um, no.