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Originally Posted by clickclickclick
they had something on google's blog about blog spamming links. thats one inbound that wont help u. unless u.... forget it 
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Just speculating, but I wonder if all your inbound links have the exact same anchor copy, if that is something Google must filter for to equate them as non-organic inbound links to you and penalizes you acordingly. I am pretty sure if you trade links with the same sites linking to you that those are also filtered and no PR given out but not sure if these instances are considered spamming per se.