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Rainbow Chasers

Problematical politicians and reformers, who chase rainbows, which cannot possibly be caught, to “find the pot of gold at the foot thereof.” This alludes to an old joke, that a pot of gold can be dug up where the rainbow touches the earth.

Source: Dictionary of Phrase and Fable, E. Cobham Brewer, 1894
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More on Rainbow Chasers from Infoplease:

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