You guys need a dictionary.
Rectangle:-
Quote "A plane figure with four straight sides and four right angles, especially one with unequal adjacent sides."
Square;-
Quote "A plane figure with four equal striaght sides and four right angles.
Hole:-
Quote "An empty space in a solid body or surface"
From a manufacturing standpoint you can bore a 2" ID in 1.5 OD bar. Just won't be much of the original bar left.
Not so, there would not be a solid body left, therefore no hole.
Ed S