If you read all the forum, you will find that there're quite a lot of desperate peple. For example, all those looking for "coop" programs.
Don't ask me which company I worked for. I have left it. You can ask these "coop" schools that who are their major employers.
Java, dotnet, web developments are the 3 areas that need a bunch of resources temporarily and easy to find many from the job market.
Yes, $10/hour cannot hire real experienced developer. But for many companies, they don't need guru to do java, dotnet, web development.
Where there're hundreds, and even thousands IT people in the market who are "between jobs" for many months, there will be $10/hour jobs.
As long as there're more and more coop schools and they're more and more crowded, people will even compete for $10/hour job.
I learnt the word "desperate" from them.