Index: src/wp-includes/js/mce-view.js
===================================================================
--- src/wp-includes/js/mce-view.js	(revision 29569)
+++ src/wp-includes/js/mce-view.js	(working copy)
@@ -561,6 +561,8 @@
 			setNodes: function () {
 				if ( this.parsed ) {
 					this.setIframes( this.parsed );
+				} else if ( this.parsed === false ) {
+					this.setContent( '<p>' + this.original + '</p>', 'replace' );
 				}
 			},
 
@@ -574,6 +576,9 @@
 						shortcode: this.shortcode.string()
 					}
 				} )
+				.always( function() {
+					self.parsed = false;
+				} )
 				.done( function( response ) {
 					if ( response ) {
 						self.parsed = response;