Enable arrow keys in python interpreter in OS X

Something that has always bothered me is that in OS X's default python install, typing an arrow enters the escape sequence # ex: [^[[A, ^[[D]; instead of moving the cursor or going to the previous commands. To solve this issue, one needs to install the readline module.

From Bob Ippolito:
In the terminal, enter:
python `python -c “import pimp; print pimp.__file__”` -i readline

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This works with the standard installation of python 2.3 included with OS X. I have not yet gotten readline to work with python 2.4.2.