Solution 1:

I think the usual way of portraying this is with the phrase 'hot air'; they're not so much talking about anything important as they are just breathing at each other. Example:

The politicans could talk for hours, but all that ever came out was a lot of hot air.

Equal meaning can be derived from the terms idle talk, gas or wind, tall talk or inanity.

Of course those are nouns for describing the actual tone of the dialogue - if you want verbs describing their behaviour you could use babbling, yakking, prattling, ranting; it's all interchangeable really. My favourite for this kind of dialogue would probably be 'blathering', since it gives me the image of some old chap constantly talking without knowing what he's saying.

Hope that helps!

Solution 2:

It isn't concise but I like the phrase:

the conversation generated more heat than light

Solution 3:

I've always liked the expression, twaddle. In my mind it conjures the image of someone's pompous speech or stuffy writing as being utterly nonsensical, and extremely shallow. Its tone is extremely dismissive, and is the typical British English response whenever a politician is deflecting an awkward question in a talk shows or interview.

trivial or foolish speech or writing; nonsense
silly, trivial, or pretentious talk or writing;

Other suitable synonyms that fit the OP's request would be:

  • baloney/boloney
  • bilgewater
  • bosh/tosh
  • hogwash

Solution 4:

From there strategical perspective, schizothemia:

schizothemia - Digression — (parekbasis in Greek, egressio, digressio and excursion in Latin) is a section of a composition or speech that is an intentional change of subject. In Classical rhetoric since Corax of Syracuse, especially in Institutio Oratoria of Quintilian,… …

From your observational perspective the conversation was a mataeology:

mataeology - a discourse that is fruitless or in vain. — mataeologian, n. — mataeological, adj.

Solution 5:

Blowing hot air is a really good phrase so I will offer a concise word. I think jabber[ing] works perfect for a group of politicians arguing about nothing.

talk incessantly and trivially