"Certainly the Pope is not infallible beyond the Deposit of Faith originally given."
It sounds profound and it is certainly true but it is not true in any way that it is not also true of anyone who holds to the Deposit of Faith originally given. This is not a controversial statement at all but one Lutherans not only hold but hold joyfully. This is what we confess in our Symbols. The issue here is not infallibility regarding the Deposit of Faith but what is the Deposit of Faith.
Rome would insist that this statement does not equate with Scripture and that there is revelation beyond Scripture which must be held as part of the Sacred Deposit. Here is where we part waters. For Lutherans, the norming norm is Scripture alone. That we all know. But that the Word of God is also source and norm. In other words, there is no binding revelation beyond that Word of God that is yesterday, today, and forever the same. It is this Word that IS the Deposit of Faith. It is not that we can believe that which does not conflict with Scripture but we cannot bind the conscience to anything about which Scripture is silent. That is our issue with infallibility and with the definition of Deposit of Faith as defined by Rome.
The Creeds do not supplement the Word but summarize its teaching. The Symbols do not add to the Word but confess that Word before the world. The Liturgy does not compete with the Word but is that Word prayed. When we begin to get this again, we will find unity among the traditions and renewal for a faith that seems strained under the weight of opinion and the conflict over what was always and everywhere believed, confessed, and taught.
Larry Peters is not infallible beyond the Deposit of Faith originally given. Go ahead and insert your name. This is not a trivial statement but a profound one and one that points us right back to the Word of God that endures forever.