If you want your “easy_install” match your updated python version, follow these steps:
Download the corresponding .egg file at http://pypi.python.org/pypi/setuptools#files
Run it as if it were a shell script: sh setuptools-0.6c9-py2.7.egg
This will install the new “easy_install” executable, compatible with your current version of python.
Hope this helps.
(more details at http://pypi.python.org/pypi/setuptools#cygwin-mac-os-x-linux-other)