Actually it's "Squier", and the location of production has nothing to do with it being a Fender or not - you go by the name on the factory where it was made.

The Squier that ExceptionHandler is describing is indeed a legit Fender guitar because it was made by Fender employees at the Fender factory in Ensanada, Mexico. Simply crafting it to a more economic standard, while important to disclose in a sale, does not mean it's not a Fender guitar.

There are even some very rare US-made Squier guitars that were built with ordinary US-made Fender pickups. They fetch a high price and you'd be an idiot to sell one simply as a "Fender Strat".

Indeed most Squiers are made by contractors who made Fender clones before Fender ever approached them about "Squier", and I don't think it's right to call those "Fender" guitars. I'd actually contend that Warmoth or Charvel make more authentic Fender parts/guitars than Squier, since both makers are licensed by Fender to produce Fender's trademark shapes (like the headstock), but also because they meet Fender's quality specs and thus both are licensed by Fender to make OEM/replacement parts for real Fenders... Squier makers certainly don't have that. I think Fender will even send you official decals for such parts if your claim is valid.