Now don't freak out at me. Read my statements carefully and think before posting. Be open to what I state and be charitable when answering. I really want to know where protestants stand on this topic. Correct whatever statements I've made that are incorrect (fact wise). Make sure you are well informed on the history of Christianity when answering here.
Historically, the Catholic Church used her authority to determine which books belonged in the Bible, and to assure us that everything in the Bible is inspired. This is historical fact. Apart from the decision of the Church, we simply have no way of knowing either truth.
Martin Luther himself admits in his Commentary on St. John (ch. 16), "we are obliged to yield many things to the papists [Catholics]--that they possess the word of God which we received from them, otherwise we should have known nothing at all about it." Luther is admitting that Christians owe their Bible to the efforts of the Catholic Church.
Luther's statement support the argument that without the decisions of the Catholic Church, we would not know which books of the Bible are inspired. St. Augustione says in "Contra Epistolam Manichaei, "I would put no faith in the Gospels unless the authority of theCatholic Church had directed me to do so." St. Augustine recognized that theonly way to determine which books are inspired is to accept the teaching authority of the Cahtolic Church.
Historically, the Bible is a Catholic Book. The official canon of books of the Bible was authoritatively determined by the Catholic Church in the 4th century. Thus it is from the Catholic Church that protestants have a Bible at all.
And here is my main point I would like to see most of the discussion go towards...
Logically, the Church with the authority to determine the infallible Word of God, must have the infallbible authorty and guidance of the Holy Spirit. As we have seen, apart from the declatartion fo the Catholic Church, we have abosulutely no guarantee that what is in the Bible is the genuine Word of God. To trust the Bible is to trust the authority of the Church which guarantees the Bible. It is contradictory for Protestans to accept the Bible and et to reject the authority of the Catholic Church.
Logically, Protestants should not quote the Bible at all, for they have no way of determining which books are inspired--unless, of course, they accept the teaching of the Catholic Church.
I think what Catholics don't get is that our problem is not with what the Catholic Church was at the time the canon was ratified (yes, I know, there's much more to it than that, but for the sake of not boring those folks who aren't Church history geeks to death...) or its authority at that time, but with what the Catholic Church became as it became increasingly more corrupt and heretical over time, the analogy I use with here is that of O.J. Simpson.
If you and I were talking about O.J. Simpson in 1990, then we would all agree that he was one of the greatest running backs in history, that he seemed to have a very personable and friendly personality, and that if we were late for our flight, that we would want to follow him through the airport (I can't be the only one who remembers that commercial, can I?).
But then, a watershed event occurred in the public perception of O.J. Simpson and while his prowess on the football field is still true, nobody remembers him for that. He's no longer O.J. Simpson, legendary football player, but O.J. Simpson, murderer.
In the same way, while the Catholic Church was, at one time, the ecclesiastical authority, the pillar and foundation of the truth, it has since surrendered that authority and position of defender of the Gospel by its own political corruption and theological heresies.
Remember, the Reformers didn't want to break from the Catholic Church, but to call it to repentance and back to the doctrinal truth it once defended and even helped to codify. It was only when the Catholic Church refused that splits and the formation of Protestant Christianity as we know it began (although there were already some regional Protestant groups in existence).
The Catholic Church loves to pretend that they have a corner on Church History, but that simply is not the case, and that is the reason the argument of the OP is specious, at best.