That's just it. They DON'T hang themselves. If Rove is cleared, they will just move on. There will be no political fallout. The media controls the medium. The media is not going to beat themselves up if they were wrong. If the Democrats can condemn Rove, why can't Bush defend him?
If you were accused of being a pedophile and were villified in the media for weeks, one little article clearing you will not get your reputation back. I doubt Rove even gets that.
There's no statement the President could make--and nothing to be gained if he made it--that would not be twisted by the press into something else.
The best course of action is for Bush to let the US and the world see him as a Pressident focused on the war on terrorism, homeland security, improving the US economy, fixing Social Security, nominating the next SC justice(s)....and making a recess apointment of Bolton to the UN post.