A slightly improved version of the Jason Gennaro's answer (see code comments):
var placeholder = 'This is a line \nthis should be a new line';
$('textarea').attr('value', placeholder);
$('textarea').focus(function(){
if($(this).val() == placeholder){
// reset the value only if it equals the initial one
$(this).attr('value', '');
}
});
$('textarea').blur(function(){
if($(this).val() == ''){
$(this).attr('value', placeholder);
}
});
// remove the focus, if it is on by default
$('textarea').blur();