how do you strip html tags in textarea input

I have set up a little web application where you add post-its to a page. It's just a project to help better learn JavaScript/jQuery and it seemed like an appropriate project (I'm new to JS/jQuery).

This is the fiddle: http://jsfiddle.net/mitchbregs/mWaPz/

I found this website: http://www.hscripts.com/scripts/JavaScript/remove-html-tag.php

I implemented the code as so:

function stripHTML(){
var re = /(<([^>]+)>)/gi;
for (i=0; i < arguments.length; i++)
arguments[i].value=arguments[i].value.replace(re, "")
}

and it still didnt work.

The problem: I need it so that when somebody inputs text into the textarea, if they input something like this "<b>Hi</b>" it would strip the "<b>" tag from the input and leave just the text.

If someone could help me out this it would be great.. Thanks!