Greg Bahnsen on baptism

In a paper on paedo baptism, Greg Bahnsen used the following two verses to argue that God’s principles do not change:

Psalm 89:34 I will not violate my covenant or alter what my lips have uttered.
James 1: 17 Every good and perfect gift is from above, coming down from the Father of the heavenly lights, who does not change like shifting shadows.

Bahnsen argued that baptism is the New Covenant equivalent of circumcision. Therefore, since God doesn’t change his principles, baptism must be given to infants.

If we are to take Psalm 89:34 in a wooden / literal fashion, God’s covenant included circumcision and circumcision must be continued.

Bahnsen quoted numerous verses about the “sprinkling with water” and “sprinkling with a clean conscience”, both of which are arguments for believer baptism.

Acts 2:39 says that "The promise is for you and your children and for all who are far off--for all whom the Lord our God will call."

However, it also says that the promise is for "all who are far off". Bahnsen correctly calls these "Gentiles". But Bahnsen does not apply it to "all" - he reserves baptism for believers and their children.

Given that Peter has said that the promise is to "all whom the Lord our God will call", he has qualified the scope of the promise. It is to "you" (who believe - not even all the hearers believed), "your children" and "gentiles" (people that were not at sermon and will be reached with the gospel ("God will call").

Since I am not strongly "covenantal", I like being challenged when covenantal NT texts are pointed out. One such verse that Bahnsen cited is 1 Cor 10:16:
The cup of blessing which we bless, is it not the communion of the blood of Christ? The bread which we break, is it not the communion of the body of Christ?

This implies that the communion cup is more than just a memorial. It is a cup of blessing to the partaker.

The word translated "blessing" is eulogia. In the NIV it is translated "thanksgiving", which mitigates the covenantal implications.
The primary meaning of eulogia is "fine speaking". The gospel (the euaggelion [notice the similarity?]) is God speaking finely to us. In Christ, we are blessed.