Adding readonly attribute to all form elements

I'm using jQuery to add a readonly attribute to all form elements but can't seem to figure out how to do this.

Here is what I'm trying:

$('#form1').each( function() { $(this).attr('readonly', true); });

I have a simple form using label/input to display form elements. Also I'm using tipsy (Tool tip plug-in) as well as Formalize (Look and Feel Plug-in)