It was the logical outcome of the series of discussions between the US Treasury and the private sector after the crisis broke, he said.

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It became logical to think that the financial markets were destined for a sideways range at best, with a continued bear market and deep depression being the logical outcome.

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OPEC's high reserves, low production-to-reserves ratios and a propensity not to adhere to volume quotas, make a drive for higher market share through higher output and lower prices a logical outcome to their current dilemma.

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