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The other possibility is that guns not traced to sale in a particular State include guns not sold in the US at all, but exported. In 2007, American manufacturers exported 10,530 handguns and rifles to the Mexican Ministry of Defense.
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In a country known the world over for having problems with corruption, and a country that has had thousands of deserters from their armed forces in recent years, might not individuals in the Mexican govt itself be the major supplier (although illegally) of US made guns to the cartels?
Also consider the number of guns stolen in the US that are "exported" to Mexico. Sure, they are bought from US gunshops and at gunshows. Bought by us, legally, but then stolen and sent south. Somehow, it just doesn't seem possible that nearly all the guns (90%) in the hands of the cartels were bought by strawmen from US gunshops. A few, sure. Its a crime, and it happens. But so many? I doubt it, strongly.
I'm used to being lied to, I just like it less when the lies are so blatantly obvious.
And it doesn't matter if this was started under Bush, or Eisenhower. Obama's people are the ones pushing it today!