This objection doesn't apply to the mainstream Protestant tradition.Those who dismiss traditions because they are not in the Bible, in my view miss one incredibly important fact:
The canon of Scripture is the product of tradition. In the early Church the New Testament did not drop out of the sky in it's current form. There actually were people making fraudulent "gospels" in order to support various heresies. It was through the traditions of the Church that held to which books were authentic and which were not and this remained the case for a couple of centuries until the canon was decided upon. These decisions were based upon these traditions.
The original reformers thought that Catholic theology slowly went off track. Following the general Renaissance concept of "ad fontes" they compared current theology with the early Church. They looked both at Scripture and earlier theologians, and cited early writers a lot. Their critique still works even if you consider Scripture the earliest part of Tradition.
The current lineal descendants of the Luther and Calvin are actually the mainline denominations. We don't use a black and white distinction between Scripture and non-Scripture. Rather, we assess each book individually. Often our evaluations disagree with those who made up the canon. Not that we throw books out of the canon, but that we understand they weren't written by Apostles, and in some respect don't represent the views of Jesus and the Apostles.
I think your criticism actually does work against people who think we can take a random verse out of Jude, and it has as much authority as Jesus' teaching, because it's all God's Word in the same sense.
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