No cozy club is damping these price declines. There are too many players for that. New carriers are in a bind. They have to drop their prices to gain market share, and they want to join the club. But the club is exclusive, and it won't admit price-droppers.
Price wars are soooo unGENtlemanly.
Meanwhile the current members are busy uping their capacity too. New and old chase the same commodity bandwidth market. These are ingredients for instability. Even with stable, growing markets, the price can only go one way. It's Econ 101.