Unfortunately, I'm a little late returning to this party and the discussion seems to have evolved since the OP. However, I'll answer the OP anyway.
I've reread the relevant portion of DC v Heller where the ever so eloquent Justice Scalia addresses your first question re: "to keep and bear arms" (it's long but quite interesting in it's relevance both historical and for today):
Go here: http://www.scotusblog.com/wp/wp-cont.../06/07-290.pdf
and read from Page 7 and start at para: b. "To Keep and Bear Arms" and read through at least page 16. You can see that Justice Scalia is adamant that to "bear arms" means anything but to "bear arms" as only a soldier or to be at war.
At the time the 2nd Amend was written the "militia" did in fact mean all able-bodied males within a certain age range whether they be farmers, lawyers, laborers or shopkeepers. The founding fathers did not like the idea of a standing army and saw the militia as being responsible for the common defense when needed.Originally Posted by Pancho Villa
And keep in mind that "regulated" was not used in the same context necessarily as "drilled & trained". As iamhunter explained it's meaning was used to describe a citizenry that was ready and capable of bearing arms for the common defense.
How does that apply today? That's a good question. I would argue that in terms of "the common defense" most people would say that function has been made obsolete by our modern police forces (or military, depending on the circumstances). On a personal level it's still quite relevant. You might "bear arms" for defense of self and property or come to a neighbor's defense in the absence of police protection.
I'm a firm believer that "we the people" should be allowed to bear any and all small arms suitable for military service and "we the people" should be well-versed in their operation and function. That's probably way too radical for most people. But I think that was certainly the intent of the 2nd Amend and I wouldn't be bothered at all if I lived in a society where able-bodied men and women went about their daily business with an AR-15 slung over their shoulder. On the other hand were probably fortunate that that sort of behavior isn't normally necessary, as a general rule. When it comes to instances of major civil disturbances and such one might be better off staying close to home to protect his family and his immediate neighbors. After all, we do pay and maintain police forces for that sort of thing.
As a matter of fact, I make my living teaching many of "the people" how to use various arms in defense of self and property. I guess in a way that keeps "the militia" alive and well in certain segments of society.



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