Here's another theory- starting with what is inside the event horizon.
Relativity fails to describe what happens within the event horizon of a black hole because spacetime breaks down as the equations describing its topology tend toward infinity.
The GR models used generally state there must be a naked singularity (think spacetime meets divide by zero maths) at the centre. A slight modification are gravstars - who replace this singularity with a rapidily rotating core that is saved from collapse (and divide by zero) by the angular momentum of matter and energy falling into the core. In other words centrifugal motion resists gravity to a large enough degree to prevent a naked singularity.
The next theory works by stating as matter and energy gets crushed its density in any given volume of spacetime raises. Once you are talking about the regions at or within the event horizon these are extremely high energy densities, that only rise towards the centre. Eventually you will climb above the energy thresholds that form what is called the hierarchy problem (10^14 GeV up to 10^19 GeV). Our understanding of physics is that the four fundamental forces seperated out at these energy levels, and may well re-combine from the four (e/m, nuclear strong, nuclear weak and gravity) back to one (quantum gravity). So there may well be transition phases within a black hole's event horizon related to the number of dominant forces in existence. So what you ask? Well the topology or curvatue of spacetime relates at least in part to the energy and matter within it and the force carriers - change the force carriers and you may well change the geometry. Put more simply - the rules describing the curvature of spacetime (general relativity) cover a four force model - not a one force one. A yet to be described quantum general relativity might give you a model to describe the in workings of a black hole. In this model the framework (spacetime) and its contents (matter, energy and force carriers) could be radically different and no singularity might ensue.
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Next under GR near the event horizon space and time almost swap properties with each other. Matter and energy can be modelled by wave eqautions. Waves exist in a framework and the framework is getting servely curved by the model. But does time turn around? The only reason why time appears to run forward in a GR framework that I am aware of is that neutral kaons seem to violate CP (charge parity) invariance. For all other particles their past as much as their future describes there presence state. Stated another way preference towards a prefered future - that is inherited from that future under a wave probability framework leaks from the future back to the present to describe the present. So the inflormation flow should work forwards and backwards within spacetime and therefore have a carrier. All particles have a neutral tendency towards past or future - except it seems neutral kaons. These particles have a strong bias towards inheriting information from the future, not the past - so statistically there dominantly want to move forward in time - or at least resist moving backwards.
Isn't theoretical physics grand?
To your original question think spacetime as a framework - say a strechable plastic or rubber sheet, think energy and matter as an interconvertable substance within this sheet (e.g ice, liquid water or steam). Threat GR as describing the ice and liquid states of water and the sheet itself where quantum gravity might describe the plastic and the steam state of the environment. Perhaps gravity is closer tight to the shaping the interactions (streching or contracting of the sheet then the interactions of the substances within the sheet) - that's why it isn't contained within the event horizon.
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