Unfortunately, the financial crisis will significantly INCREASE, not decrease the number of applicants to the top schools. Also, many of them will be coming from exceptionally strong backgrounds on Wall Street. Their strong quantitative bias and experience may also run up the average scores on the quantitative section.
Business school admissions increase when the economy slows down for several reasons. First, many strong performers are, or expect to be, out of a job. Second, even those whose jobs are safe anticipate much lower bonuses, smaller raises and slower promotions. These factors make taking two years off for school much more attractive. Third, many are concerned that contraction in the financial markets will reduce the overall job pool, making an advanced degree more important for the short and long term.

As a Kaplan admissions consultant, I am already seeing stronger GMAT scores than ever before. So, if you are applying this year, a solid GMAT prep course may be more important than ever.