Well with proper permits and training you can get explosives, it is highly restricted, but not BANNED. MGs are BANNED. They want to BAN semi-autos.
Only the transfer of new MGs to private citizens is "banned" and that's guns made since 1986. If you want to own a fully-automatic weapon, all you need is to find one for $$$ale, have a wheelbarrow full of money to buy it, plus all the ATF registration/background check paperwork, a $200 tax stamp, sign-off by the "Chief Law Enforcement Officer" where you live, and there you go. Any time you move, you have to file your new address with the Feds and (I think) the CLEO. There's only X-many pre-86 MGs out there, fewer every year.
Some fun, hey? And this is the kind of burden some proposals would lay on your AR-15, too.