This is very easy to answer, but it came up recently, so I felt it important enough to address. I have noticed that when the translators put the red letters in these versions, they do not all agree from version to version. They are supposed to be the words of Jesus! So rather than point out their errors and differences, I will throw out a few verses, which will give the best answer. Consider these verses:
Galatians 1:11 and 12 (NIV)1
11 I want you to know, brothers, that the gospel I preached is not something that man made up. 12 I did not receive it from any man, nor was I taught it; rather, I received it by revelation from Jesus Christ.
Paul is saying that the Gospel he preached is not something man made up, he did not get it from any man, and was not taught it [by any man], but he received it by revelation from Jesus Christ. So Paul wrote a large part, of the Christian Scriptures: Romans, 1 and 2 Corinthians, Galatians, Ephesians, Philippians, Colossians, 1 and 2 Thessalonians, 1 and 2 Timothy, Titus, Philemon, and Hebrews. That list covers most of the Christian Scriptures. We doubt, that any of the other books in the Christian Scriptures were done in any other fashion. Paul and all the other writers, [not authors] received what they wrote by revelation from Jesus Christ. So if what was given to Paul, were also Jesus’ words, then we believe they are just as important as any words in the Gospels.
We also believe that the Hebrew Scriptures were what Jesus studied, since the Christian Scriptures were not written until after Jesus was sitting at God’s right hand. The sitting at God’s right hand was showing the authority, he had received for walking the walk all the way through the Cross. Remember this verse:
John 5:39 (KJV)
Search the scriptures; for in them ye think ye have eternal life: and they are they which testify of me.
He was talking about the Hebrew Scriptures, and said: …they are they which testify of me. We can see info about the coming redeemer of mankind, in every one of the books of the Hebrew Scriptures. One of my favorites is the record in Genesis of Joseph. Joseph was mistreated and not respected in his home land. He was lied about [they gave false witness concerning him], by his own brethren. We see him as an honorable man, and some people saw what kind of man he was. Through the Truth, he rose in authority, to the point, that except for in the throne, he was Pharaoh or the Regent of Egypt. One last thing about Joseph and Jesus also, they, through all their trials and tribulations, both ended up SAVING people. Joseph saved his family; Jesus saved every person who ever believes Romans 10:9, in this administration! This is where Jesus is today with God, except in the throne, everyone is under him, even the angels. He would have seen himself, as he worked the Scriptures. He has that relationship with his heavenly Father right at this moment.
Jesus, being a carpenter’s son, under normal circumstances, would not have owned the scrolls of the Hebrew Scriptures. When he was born the Magi presented him with gifts of gold and of incense and of myrrh [Matt. 2:11]. These gifts [plural], we believe were used to help Jesus learn the Truth. Those gifts were used to purchase scrolls for him to study. Mary and Joseph knew he was God’s Son, and would want him to have what he needed to learn, about himself and his heavenly Father. Both Mary and Joseph must have been spiritually savvy. If Joseph had done like most, he would have had Mary stoned for being pregnant, before they had come together, but he did not. He listened to the angel and took her as his wife. Mary, who had to trust the Written Word, said to the angel about her having the Messiah:
Luke 1:38 (KJV)
And Mary said, Behold the handmaid of the Lord; be it unto me according to thy word. And the angel departed from her.
After seeing this and, at least for me, for Mary to trust God, to the point, of having the baby which God promised since Genesis 3. After all, 4000 years had passed and she was the one who had the faith to say those words: …be it unto me according to thy word…. What incredible parents Mary and Joseph were! Seeing that they were listening to the angels, it is assured, they also understood the Scriptures. We believe, that understanding leads to living it, and therefore they would have done this:
Proverbs 23:23 (NIV)
Buy the truth and do not sell it; get wisdom, discipline and understanding.
Jesus said in John 17:17 in a prayer to God about the Truth: “Sanctify them by the truth; your word is truth.” Proverbs said “buy the truth,” and John says “your [God’s] word is truth,” Proverbs says what you get from truth: “…get wisdom, discipline and understanding.” Think Mary and Joseph would want that for God’s Son, Jesus? Sure they would, but we too can get that from the Bible. Another thing, about that relationship Jesus and God have, is that “Joseph and Pharaoh relationship,” Jesus would have learned. Consider this following verse:
John 14:24 (NIV)
He who does not love me will not obey my teaching. These words you hear are not my own; they belong to the Father who sent me.
From our understanding, Jesus has functional equality with God, but that in no way makes him equal with God. The point is that everything Jesus says, or does, gives, whatever; still comes from God. The day is coming, when after all is said and done, he [Jesus] will be made subject to God. Read these verses:
1 Corinthians 15:27 and 28 (NIV)
27 For he “has put everything under his feet.” Now when it says that “everything” has been put under him, it is clear that this does not include God himself, who put everything under Christ. 28 When he has done this, then the Son himself will be made subject to him who put everything under him, so that God may be all in all.
So even though Jesus has all this power and authority, as we see in this verse:
Philippians 2:10 (NIV)
that at the name of Jesus every knee should bow, in heaven and on earth and under the earth,
Every knee should bow! Where? In heaven [the spiritual beings], on the earth [people], and under it [the demons imprisoned here which caused the flood], but not his heavenly Father, and ours. He rates very high, and is our Head, yet God is still over him. With the Words he spoke being from God, along with the words he gave to Paul and others, and the Hebrew Scriptures, being from God, then red letters seem a waste of time. Especially in the light of this closing verse:
2 Timothy 3:16 (NIV)
All Scripture is God-breathed and is useful for teaching, rebuking, correcting and training in righteousness,
With that being said: “All Scripture is God-breathed…” then I see no reason to make the whole Bible red letters, because it is all from Him! So we close with this, “we see no reason to put those words in the Gospels in red!”