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.