Is the Bible Right or Wrong and why either?

I have engaged in great discussion on Biblical topics while I have been on Gather and it seems there are so many respectful views pertaining to the legitimacy of the Bible. I will have to say that several of the past comments though different in beliefs as I pointed out were respectful to others in disagreement. I just want to hear the opinions from others regarding why they think the Bible is correct in it's accountability or why not. My true belief falls in that the Old Testament was written for that generation to address a specific audience within a certain period. The prophetic books such as Isaiah, Daniel, Ezekiel, Jeremiah, ect some being major and some being minor prophets. I do believe the New Testament is structured for the believer of today and that without the Old Testament the New would be unexplained.