Are automatic guns before 1986 allowed to be owned and sold in the US?

Are automatic guns before 1986 allowed to be owned and sold in the US? Did the law passed in I think May 1986 by Reagan mean that only automatic guns with the stock or receiver or some other specific part of the gun made before 1986 can be legally owned after May 1986? Can people get a licence to operate a post 1986 automatic firearm in the US as a member of a militia who trained others how to use firearms and featured in a CNBC documentary on the AR-15 apparently has a licence to operate a machine gun. Also since the current AR 15 is only available in semi automatic were models made before 1986 available in fully automatic, even those sold to civilians or has the civilian version always been only sold in semi automatic form?

Fully auto guns are illegal to own in the US. There are firing ranges you can go to and fire one. At some shooting ranges you can fire just about any weapon the military has that a combat soldier would use. It costs a fortune though. The gentleman your referring to may have a license to have one in his possession but I don't think he can have it in his home. He probably works in or owns one of the ranges I mentioned. Fully auto weapons have been illegal to own for as long as I can remember. I'm 60. Being a member of a militia, (the constitution assumes every able-bodied male is a member of their local militia), doesn't carry any water in firearm ownership or licenses to carry. Official PRIVATE local militias don't exist as far as I know. The National Guard is , of course, Fed. and the private militias that have formed consider them the enemy as well as the Fed. Gov.

Thanks. This us the guy I mentioned, in the video here http://youtu.be/OCvjoFPD5Kg it says he is licensed to own and operate a machine gun at 14:37.

Licensed to own and operate with a zillion restrictions.