The former. That the Presser case is cited as saying the opposite of what it says.
See this May 28, 2009 post that quotes a part of Bach v. Pataki, 408 F.3d 75 (2d. Cir. 2005) that cites Presser ...
Presser stands for the proposition that the right of the people to keep and bear arms, whatever else its nature, is a right only against the federal government, not against the States.
Note the exact language used by the 2nd Circuit, "the right of the people to keep and bear arms" being a right only "against" the feds. I do agree, by the way, that it is proper to view the government and the courts as "against" the people. See the Bach decision for crystal clear evidence of the rank dishonesty used to disarm the public.
Here is what the Presser case says ...
the states cannot, even laying the constitutional provision in question [2nd amendment] out of view, prohibit the people from keeping and bearing arms
Thank you! I read your 2009 post and it is enlightening.
I read this some years ago about the dishonest cites by various courts of Miller:
http://guncite.com/journals/dencite.html
The dishonesty is stunning. And I was a little dense because it was a while before it occurred to me that this must happens in many areas besides RKBA issues.
FReegards