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regulation is good, as it keeps honest people honest
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I have yet to see an example of that in practice. Regulation exists to restrict and limit things to the law abiding. It is by its very nature punitive, and we need to be very wary of how much of it we let creep into our lives.
As for full auto...anyone's welcome to tell me what was so wrong with the world in 1933 that it had to be "fixed" by something as expensive and disastrous as the NFA.