Since many of the replies have focused on the differences between Catholic and Protestant theology, and since I have argued in favor of a Catholic authority, I find it imperative to investigate on what grounds Protestants are basing their faith, or-- what may be considered by some as-- rebellion.
If the audience and editor(s) are willing let us review the consecration of Peter:
Matthew 16:13-23,
“When Jesus came into the coasts of Caesarea Philippi, he asked his disciples, saying, Whom do men say that I the Son of man am? And they said, Some say that thou art John the Baptist: some, Elias; and others, Jeremias, or one of the prophets. He saith unto them, But whom say ye that I am? And Simon Peter answered and said, Thou art the Christ, the Son of the living God. And Jesus answered and said unto him, Blessed art thou, Simon Barjona: for flesh and blood hath not revealed it unto thee, but my Father which is in heaven. And I say also unto thee, That thou art Peter, and upon this rock I will build my church; and the gates of hell shall not prevail against it. And I will give unto thee the keys of the kingdom of heaven: and whatsoever thou shalt bind on earth shall be bound in heaven: and whatsoever thou shalt loose on earth shall be loosed in heaven. Then charged he his disciples that they should tell no man that he was Jesus the Christ. From that time forth began Jesus to shew unto his disciples, how that he must go unto Jerusalem, and suffer many things of the elders and chief priests and scribes, and be killed, and be raised again the third day. Then Peter took him, and began to rebuke him, saying, Be it far from thee, Lord: this shall not be unto thee. But he turned, and said unto Peter, Get thee behind me, Satan: thou art an offence unto me: for thou savourest not the things that be of God, but those that be of men.”
Now let us consider also an Old Testament Scripture pertaining to the validity of covenants, Jeremiah 18:1-10:
"The word which came to Jeremiah from the LORD, saying, Arise, and go down to the potter’s house, and there I will cause thee to hear my words. Then I went down to the potter’s house, and, behold, he wrought a work on the wheels. And the vessel that he made of clay was marred in the hand of the potter: so he made it again another vessel, as seemed good to the potter to make it. Then the word of the LORD came to me, saying,
O house of Israel, cannot I do with you as this potter? saith the LORD. Behold, as the clay is in the potter’s hand, so are ye in mine hand, O house of Israel. At what instant I shall speak concerning a nation, and concerning a kingdom, to pluck up, and to pull down, and to destroy it; If that nation, against whom I have pronounced, turn from their evil, I will repent of the evil that I thought to do unto them. And at what instant I shall speak concerning a nation, and concerning a kingdom, to build and to plant it; If it do evil in my sight, that it obey not my voice, then I will repent of the good, wherewith I said I would benefit them."
And to show the correlation between the two I will reference John 5:19-30,
“Then answered Jesus and said unto them, Verily, verily, I say unto you, The Son can do nothing of himself, but what he seeth the Father do: for what things soever he doeth, these also doeth the Son likewise. For the Father loveth the Son, and sheweth him all things that himself doeth: and he will shew him greater works than these, that ye may marvel. For as the Father raiseth up the dead, and quickeneth them; even so the Son quickeneth whom he will. For the Father judgeth no man, but hath committed all judgment unto the Son: That all men should honour the Son, even as they honour the Father. He that honoureth not the Son honoureth not the Father which hath sent him.
…verses 24-29…]
I can of mine own self do nothing: as I hear, I judge: and my judgment is just; because I seek not mine own will, but the will of the Father which hath sent me.”
I am not sure if it is according to this, or some other doctrine, that Protestants have, from what I understand, separated from the Catholic Church and formed their own doctrinologies.
Perhaps an argument may include references to some other scriptures pertaining to the shortcomings of Peter, or yet perhaps to, what could be perceived as, sins of the Catholic Church.
I am not sure if this argument/scenario/inquisition constitutes another thread, or that if elaborated upon and explored here, would violate site policy.