“If they do this, then they should compromise by repealing the 1986 Hughes Act which caused the prices of full auto weapons to skyrocket. There is NO REASON for a legally transferable M-16 to cost over 50,000 dollars.”
It was always intended as a method to dry up the inventory of such weapons, make them increasingly rare so that even criminals would have a hard time getting their hands on a fully automatic weapon.
How'd that work out though? They just buy stolen military grade weapons on the black market, or smuggled from other countries (or maybe even our own government running illegal guns and "losing track" of them. Oops... I guess they didn't count on criminals breaking the law to get what they're after.