Therein, Captain Jack!, lies the problem. The government continues to turn the screws down on our freedoms. "Reasonably regulated" is defined as whatever the legistlatures (more and more, the federal legislatures) determine it is.
If "they" decide it is reasonable to regulate citizens and make us pay 90% taxes, then it will be so. And, they will have the power of the state or federal government, which (as I recall) has a very significant military and/or quasi-military arm to enforce it's "reasonable regulations".
One can make the arguement that our rights (be it those declared in the Declaration of Independence or those SPECIFICALLY ENUMERATED in the Constitution) have continued whether away.
The court's intervention is altogether bad, but it seems that all too many "common sense" decisions aren't based on anything in the Consitution. Moreso, the legislatures are routinely overruled by the judiciary in what continues to be an abuse of the ENUMERATED powers noted in that very Constitution. And, worst of all, it seems that most of the decisions that have to do with "privacy" have to do with cutting open unborn babies heads and sucking their brains out; while, decisions that limit our privacy have to do with reducing our ability to arm ourself...with actually firearms or with processes that would protect a citizen from the governments accruing power.
And, no, before you run right off into hyperbole land...we should be interested in (extremely) limited regulation, not reasonable regulation as defined by judges who are not elected and can't (for all practical purposes) be unseated. Or as defined by lawmakers who are no longer representing their constituencies interest, but, instead, representing the special interest of a select minority that happen to have the ability to fill the politicians pockets, errr, election fund.
One can easily make the arguement that judicial activism is precisely what has tied us up into these knots we find ourselves in.
PING
You are forgetting that the legislature is us.
When our legislature or Congress enacts laws that pose "reasonable regulations" on fundamental rights, like enacting concealed-carry laws on handgun rights, it is the people doing that to themselves through their elected representative.
What we object to, and all Americans should resist, is when a branch of government that has no power to do so imposes some restriction on the rights of the people.
For example, when the US supreme court declares that state CAN discriminate on the basis of race in college admissions when the constitution clearly says that they cannot.