It's always been cyclical like this. The fact that the business cycle is 5ish years, and IT qualifications take 3-4 years and lag behind just accentuates with the cycle even more.
This happened during the dotcom boom. Everyone got into IT because there were headlines about there being massive IT staff shortages and "that was where the money was", even if they weren't particularly interested in it.
By the time those people graduated, the dotcom bust had happened, and there were headlines about IT salaries dropping, and no one was able to find work.
Subsequently, no new people got into IT. Fast forward a couple of years, and there is yet another economic boom, and another skills shortage (due to not enough people having started IT around the time of the bust). Those that did stick it out through the bust are now experienced and in demand. Everyone dives into IT related courses again.
Then the subprime crisis happens. IT demand drops. Graduates complain that there is no work around, enrolments drop.
And the cycle continues.
IMHO, the moral of the story is do what you love. Doing the 'qualification du-jour' is a recipe for disaster. If you aren't passionate about it, chances are that demand in that hot field will probably be lower when you graduate. If you love what you're doing, you might have to rough it for a few years, but you'll do well in the long run.
You're more likely to get a foot in the door (employers can smell candidates without passion who are just in it for the money, and while they might have been forced to take them on during the boom, they WILL be picky during the lean times), and by the time the next boom comes around, you'll be experienced, and able to take the pick of the best jobs out there.