Ace, it wasn't our (read: the US) responsibility to decide whether or not to remove Saddam back in 1992 (or in 2003, for that matter). It was the UNs, but they decided it wasn't worth the risk. What risk? Read the news between 2003 and 2008.
While the UN is far from perfect, they seem to be a lot better at the whole "geopolitics" and "war" thing than we are. They saw what many saw before 2003: removing Saddam Hussein would mean civil war that's unresolvable from an outside force.
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