President Obama still hasn’t learned the classic First Rule of Holes: When you’re in one, stop digging. Up to his earlobes in failed stimulus grants and tainted federal loan guarantees, the shoveler in chief tunneled forward last week on his latest Government Loans to Nowhere bill. His willful ignorance is America’s abyss. Little noticed in the White House jobs-for-cronies proposal is a provision creating yet another corruption-friendly “government corporation” that would dole out public infrastructure loans and loan guarantees.

Because, you know, the government-chartered, political hack-stacked Fannie Mae and Freddie Mac “public-private partnerships” — which have incurred an estimated $400 billion in losses while enriching bipartisan Beltway operatives — worked out so well for American taxpayers.