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or....

The Microsoft is just executing a standard North American business model...

Which is contract exclusives to ensure agility and profitability of the business in good and bad times.  Not having a bunch of exclusive studios through the financial crisis over the past couple years has probably helped keep the 360 profitable.  By contracting exclusives they only incur cost when they think they will make profit.

Also, contracting exclusives rather then through 1st party studios helps with keeping studios lean.  The best studios survive because they get contracts to build games and the bad ones fail to oblivion.