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Rearranging the deck chairs on the titanic 

A joke Stephen Colbert made on the 2006 White House Correspondents' Dinner.
Some people say changing the cabinet around is like rearranging the deck chairs on the Titanic. That's not true; this administration isn't sinking. In fact, this administration is soaring; if anything, it's like rearranging the deck chairs on the Hindenburg.
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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."

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.