It does. Someone who doesn't know the older scriptures will never understand the new. Jesus' actions and words are all based on the tenet "It is written" and everything He does and says has its base in the Old Testament.
I've spent a great deal of time in the Old Testament because I've always felt it was a clear representation of how God truly deals with people. The stories are not simply moral stories, but ones given for our instruction as to the way God acts towards mankind. However, many simply reject the Old Testament since it doesn't fit with their concept of God.
It's impossible to reconciled the sugary-sweet Christ surrounded by children and lambs we see today with the same God who rained fire or flooded the world on a disobedient people as described in the Old Testament. People have rejected the true God of scripture, setting up a God made in their image; worshiping all sorts of things but the true living God. If we truly understood our depravity, we would be falling on our knees begging forgiveness for our weakness and failings; not wearing shirts that states, "Jesus is my homeboy."
Fortunately God is rich in His grace and mercy. He calls out His people and we walk in a wilderness, sustained by His word, as we are led home.