I asked this question on bible hermeneutics and it got closed (for the reasons commented). It was suggested that this question might be better suitable on this website. But I want to see what the general response would be from this community from such a question before I actually ask it. This is an effort to see the evidence or different backed up opinions of both sides of the equation, and given that, see what the general accepted belief is amongst Christians. Also to provide more insight to everyone on both beliefs.
As Mason has noted, that kind of question is generally Not Constructive. Christianity is already split on both sides of that fence and rather than arriving at an answer to your question you'll start a mini war in the answer section and a discussion thread a mile long in comments.
In a case like this you have a couple of options.
As for an overview of which Christian doctrines address the issue. This would sort of scope out the territory so you had some idea what the positions on the issue are.
Pick a viewpoint your interested in an ask how that view is defended or who holds it or its history or something along those lines.
Pick a specific point of the argument and ask for a comparison between the two. (Usually this would have to be much more specific than the whole issue you are suggesting asking about)
Lastly be aware of a couple more points:
This has been asked before. A lot of questions have been forwarded on the topic already. Many have been Not Constructive but a few on each side, includeing ones dealing with the basis for each issue, are available for looking at. Make sure you aren't asking a duplicate question.
This is a non-salvitic issue. Although people do get really hot about it because the implications of having different interpretive methods are quite serious, the actual right/wrong of this issue is recognized by most Christians to be one that does't affect salvation either way.
No question you ask on this site can be expected to reconcile differences between different traditions and doctrinal frameworks in Christianity. You can ask about them and they can be examined and explained in detail but don't try to pit them against each other. However you end up asking it must be asked in a way that answers could be verified as true even by somebody who doesn't agree with the viewpoint. For example if you ask about Catholicism I as a Protestant should be able to verify that the answers being given do indeed represent Catholicism even if I disagree with their beliefs. A right answer should involve an accurate representation of the doctrines held by identifiable Christians. A right answer is not going to be one that "once and for all" settles a disagreement between.
This is not a discussion board and the purpose is not to provide a venue for debate. It is to provide canonical answers to answerable questions. The questions that fit this format will be ones that can be verified as being true without having to believe exactly the same thing.
The response here would be for a moderator to ask you to specify a doctrinal framework, because there are many different opinions on this subject and different branches of Christianity will have widely different responses to the question.