That is precisely what I'm saying. The second amendment only applies to the federal government.
"... and therefore the states can regulate or ban handguns at will?
No. States are bound by their state constitution. Your state constitution reads:
Sec. 4.
"The people have the right to bear arms for their defense and security; but standing armies, in time of peace, are dangerous to liberty, and shall not be tolerated, and the military shall be in strict subordination to the civil power."
Now, compare that to mine in Illinois:
SECTION 22. RIGHT TO ARMS
"Subject only to the police power, the right of the individual citizen to keep and bear arms shall not be infringed."
This is why we have to pass a background check and purchase a Firearm Owners ID (FOID) card to even handle a gun in a store or to purchase ammunition. Why handguns are banned (illigal to own, possess, or carry) in Chicago, Morton Grove, Wilmette, etc. Why Illinois doesn't have concealed carry.
Each state has RKBA laws based on the protections offered by their state constitution. California, Iowa, Maryland, Minnesota, New Jersey, and New York have nothing in their state constitution protecting arms.
illegal
Following that logic the bill of rights doesn't apply to anyone. only the state constitutions apply. this seems to be in the "Home rule " school of thought, correct?
All States, when they join the union, are obliged to honor our Constitution/BORs as the supreme law. The supreme law protects our RKBA's, if the State fails to do so.