<p>^</p>
<p>1) What is happening to those in industry (ie. wall street) has little bearing on those being trained and hired to teach and do research on business. Wall street bankers and hedge fund managers are not equipped to be tenure track professors and researchers in business schools (though they may teach occasional courses as adjuncts, they are not replacing PhD trained researchers for posts). Two unrelated job markets. </p>
<p>2) Like the rest of academia, but moreso, MBA programs get flooded with applicants when the economy tanks, and someone has to teach MBAs (and other programs in universities, business schools make and bring in tons of money to the university).</p>