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The passage is interesting in light of the Sermon on the Mount where Christ demonstrates the impossibility of keeping the Law in comparison to the Law that had been fenced by the traditions of the Rabbis. A person with a Biblical theology would realize that the rich young ruler is incredibly deluded to think he's kept all of those commandments since his youth. He hasn't kept one of them. Christ could have pointed that out and there is a bit of irony to the idea that Christ tells him "One thing you lack...."
I agree with Taylor that he hits him in his love of his possessions above all things. This is sort of evidenced by the fact that he speaks about how difficult it is for the rich to enter the Kingdom of God.
BTW, I don't know how a "bonehead" could miss the fact that Christ was not telling the man how he could earn his salvation by keeping the Law when, if that was His intent, He would have confronted him with his failure on the few commandments He had challenged the ruler with.
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