As a Christian, I think the opinion expressed by Paine, while incorrect, does bring up an important point.
The extreme position of Inerrancy depends on Luther's new doctrine of "Sola Scriptura". But scripture was compiled by men, who depended on tradition, inspiration, and scholarship to determine which books belonged, and which did not.
Hence, these other sources of understanding are at least as reliable as the Bible, since that is how we obtained the Bible. One of the most common sins among modern Christians is an idolatry of the Bible.