Unless you have a really strong profile (i.e., 760+ gmat, 3.9 gpa from ivy ugrad, blue chip work exp) or unique profile (i.e., under represented minority, worked for the white house, started an orphanage) I would wait to apply next year to Columbia for ED. I can't speak for Stern, but I would assume it would also be pretty difficult to get in this late in the game.
This wasn't meant to be discouraging and by all means submit your app this year if you think you can put together a really compelling application. I personally think you should just relax and take your time puttting together a real strong app early in the application cycle next year. BTW I am a Columbia ED admit.
Thank you so much, I would like to give a shot, but ...if I get rejected...how bad does it look if reapply for next year...?