The geyser says on of three things; Either A) there is significant air some where, or B) the rear brakes need adjusting, or C) both of the above.
Since air does not like to travel downhill, and since it is downhill to every corner, yes it is possible for air to be trapped somewhere.
Bleeding brakes, at home, really is a two person job, I don't care what anybody says. You need one guy in the cab, and one guy at the bleeder. The guy in the cab pumps 'em up two or three stabs and holds the pedal down, and calls out "down". Very important that he hold the pedal down. Then the guy at the bleeder releases the pressure,slams it closed,and calls back "done". This is then repeated two or three times, and then the master is topped up.Then back to the beginning.When the air finally stops coming it's time to move on to the next bleeder.
If the fluid level,in the M/C does not drop, then either the fluid is returning as fast as you are pumping it out,or the M/C is bad.If the fluid is returning that fast, it would be because a trapped air pocket, under pressure, is shooting it back every time the compensating port opens.
You can buy special bleeders called SpeedBleeders, to make it a one man show.
I'm pretty sure your rear brake adjustment is the issue; but I'm a little confused because clamping the rear hose should have eliminated that. At this point I would clamp them all, and that should make your pedal rock-hard. If not,then there is air in there for sure, or the M/C is no good..