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It’s quite interesting to watch the media come out of their collective swoon. The clip here is really stunning coming from Olbermann and Matthews, though less so of Fineman.

Some concrete news just breaking (3:04 pm eastern) from Politico is that BP will pay “no further dividends to shareholders this year.”

The White House also says that BP has “tentatively agreed” that the oil company will create a $20B fund to pay claims. “Pay czar” Kenneth Feinberg who mediated the 9/11 victims fund will reportedly administer it. As an aside on one other matter covered in the article linked above, I honestly don’t know how the Administration can legally compel BP to pay the lost wages of workers laid off due to the federal offshore drilling moratorium in the Gulf. It seems like a preposterous gambit on the Administration’s part, especially when it comes with the backdrop of Obama’s offshore drilling policy, which Interior Sect. Salazar set into motion, unleashing more acreage for drilling than ever before, while okaying BP’s ultra-deep water drill without a second thought. It reeks of Administration cya.

Two blunders from the White House political office, because both of the above announcements should have been part of any Oval Office Address. What’s one day?

All of this played out this morning on “Morning Joe.” You know they’re in trouble on a day when only Mike Barnicle is making sense, and Mika goes on a full shrill drill. I know, there’s that word, but she was like the thought police today, protecting Pres. Obama from bad reviews he’d earned. (Robert Reich called the speech “vapid.”) For those of you who didn’t watch “Morning Joe” this morning, the only political show I never miss, it was Joe and especially Mika tiptoeing through self-imposed etiquette landmines trying not to notice the content lameness that only Chuck Todd managed to analyze with any clarity this morning. That is until Chris Matthews poured cold coffee in the “Morning Joe” crew’s cup. Not a good morning today for Joe and Mika who whipsawed between Mika’s journalistic defensiveness of Obama, and Joe Scarborough’s new countenance, which seems to now be focused on eschewing his signature straight talk, instead adopting a middle-of-the-road stance that amounts to mush. Joe deciding to ride some moderation rail, which may be a shot at bipartisan hosting, something that never works, doesn’t suit him, especially since his real value is blunt assessment from a man who’s been there and knows politics. The “Morning Joe” joviality aspect is the board on which the show was made popular, so when they disagree it’s like watching a dunk tank dip. Not pretty.

Meanwhile, no one knows how to plug the hole stop the ever changing amount of oil gushing into the Gulf… as the ecological and environmental holocaust continues.

This post has been updated.