Well, that seems to be the odd angle that Chris Dillow comes from. I’ve commented: I share his opposition to the tax, though it’s not because I think that there is a logical leap between taxing transactions and denying people the vote. Instead, on CommentIsFree I had already enlarged on the the point Chris makes at the end. Transaction taxes do nothing to address the real problem of the crash: the leverage. (in fact, since illiquidity was a key mechanism by which the deleveraging began, further taxing liquidity would hardly have helped an orderly process).
Everything else is incidental, oblique to the main issue, or epiphenomenal. Leverage. A later post will expand on this.