Not trying to be a troll, but it looks like it's an employer's market and now it's they're turn to give back what they have been forced to receive which is to pay the ridiculous salaries that were being paid when everything was "great".
Great for who? The employees or employers?
I remember new graduates (during interviews) expecting pays in the 60K with sign-on bonuses.
The kind of salary expectation really skewed it for everyone, because it made it difficult for companies to set a fair salary scale. How can you justify paying an employee that has been with you for 10 years in the 60's or 70's, when you're forced to hire recent college graduates for a little less? IMO, we're reaping what we sow. BTW, when I say we I mean the entire IT industry.
Before the entire Internet bubble popped, I bet you CIOs were asking "Are these typical salaries for a Junior Java Developer?"