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1. it's like shuffling deck chairs on the titanic
Actually means: actions taken solely for the feeling (or the appearance) of doing something about an unavoidable situation; actions that not only accomplish nothing but *blatantly* accomplish nothing.
"Oh, look, now GM is trying to fire Wagoner. It's like shuffling deck chairs on the Titanic."
2. it's like shuffling deck chairs on the titanic
A phrase used to describe a situation that is:

a) almost near impossible
b) awkward/tricky
c) difficult

Stemming from the movie, Titanic, where shuffling deck chairs on the sinking ship would have been tricky.

Teacher: I'm trying to get my students to quieten down...it's like shuffling deck chairs on the titanic.
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