It's been so long since I've heard it that I don't remember much of the actual story but the basic outline is that there are a bunch of goblins that feed off of color and plan to steal the color from the rainbow to drink its nectar. Well, the rainbow is so full of color that it drowns them and from then on the rainbow never touched the ground again. I've bought the book from amazon and it should be here in a few days so I'll bring it to class with me so people can take a peek at it. I was certain it was out of print so it was really a treat to be able to find a copy in good condition!