You are incorrectly assuming that pay is fair. I can easily believe that 100x number. Especially considering how when a mediocre programmer under-performs he is

You are incorrectly assuming that pay is fair. I can easily believe that 100x number. Especially considering how when a mediocre programmer under-performs he is usually augmented by other mediocre programmers which tends reduce the efficiency even more. Anyway, Paul Graham wrote a pretty convincing essay about this.