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It has been a rough decade for index fund investors. It isn't like the '80s and '90s where time in the market was all that was needed for success.
Bogle thinks that our culture has forgotten about long-term investing and that short-term trading is dominating the market.
Bogle suggests that there should be a transaction tax enacted to encourage long-term investing rather than trading. He seems to think that a 16-second holding period for a stock is not really investing.
As an observer it is hard to see what computer-generated hyper-trading adds to our society and economy. As an investor I do welcome any trading that is done by forces not interested in intrinsic value as it increases the likelihood of equities being mispriced.
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