This is the law and the prophets

Is this an accurate statement?

Mt 7:12 Therefore all things whatsoever ye would that men should do to you, do ye even so to them: for this **is** the law and the prophets.

I guess that he, like Paul, is being contemptuous of the huge body of precepts in the law?:

Ga 5:14 For **all** the law is fulfilled in one word, even in this; Thou shalt love thy neighbour as thyself.

I mean, the law forbids different foods, for example, that are not forbidden to the believer. Identification of one with the other is really to negate “every obligation except to love one another”:

Ro 13:8 Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law.

I mean, it seems to me that this is patently false. It is fine that Jesus and Paul say that the believer is not under the law, but to say that the **law** has no other obligation in it seems pretty cheeky, no? These “this is all the law amounts to” verses appear to me to be patently false.

Maybe accuracy and sound hermeneutics isn’t such a big deal when you are preaching a good sermon?