Facing Congressional subpoenas, Karl Rove to resign as President Bush’s top advisor on August 31. Meanwhile the world’s economic system appears to be on the verge of a crisis because of the U.S. subprime mortgage scandal. Schechter discusses his new article “Subprime or Subcrime? Time To Investigate and Prosecute.”
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President Bush’s top adviser Karl Rove has announced he will step down as White House deputy chief of staff on August 31.
Rove’s resignation comes while he is at the center of several Congressional investigations. Last month Senate Judiciary Chair Patrick Leahy subpoenaed Rove to testify about his role in the politicization of the Justice Department and the firing of nine U.S. attorneys. So far Rove has ignored the subpoena and has refused to testify, citing executive privilege. In addition, two weeks ago Rove skipped a Congressional hearing on the allegedly improper use by White House aides of Republican National Committee email accounts.
Rove told the Wall Street Journal that he is resigning in order to spend more time with his family.
For the past 19 years Rove worked as George W. Bush’s closest political advisor, first in Texas, then in Washington. During that time he earned the nickname of Bush’s Brain.
Danny Schechter, veteran journalist, media critic and co-founder of mediachannel.org, one of the largest online media issues networks. His latest film is “In Debt We Trust: America Before the Bubble Burst.” His blog is NewsDissector.org
Plummeting stocks on Wall Street have forced the mainstream media and economists to finally take notice of the housing bubble and the related dangers of the sub-prime lending industry. The New York Times laments what it calls the “spiraling credit crisis” and The Wall Street Journal points to the “debt bomb.”
The Center for Economic and Policy Research notes that many journalists and economists have long ignored the facts. The housing market has been seriously overvalued for the past 10 years and its collapse will cause a severe recession with grave consequences for millions of families. The sub-prime loan industry has emerged as a major, and controversial, player in the housing market. A recent study by the Center for Responsible Lending indicates that sub-prime loans have led to one million American families losing their homes in the past decade.
– Danny Schechter
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