Ok, I will bite. I do not think blanked statements "CS or fools" make any sense, but I think a number of folks who dedicated 4-8 years of their lives to getting a liberal arts degree did this without a clear idea of what they can realistically expect at the end and making backup plans.
A PhD in English or French culture may make sense, but one must realize that professional opportunities outside academia are sparse and number of positions in academia is small.
They're probably a lot worse inside academia for those fields. That said, everyone I know with an MA in English is doing really well for themselves, both inside and outside the academy. Maybe it's my small sample size though.
It seems to be a fairly common viewpoint that your major should be vocational, and you should get a liberal education along the way in core and elective classes.
A PhD in English or French culture may make sense, but one must realize that professional opportunities outside academia are sparse and number of positions in academia is small.