Wrap the code in document ready and prevent the default submit action:
$(function() { //shorthand document.ready function
$('#login_form').on('submit', function(e) { //use on if jQuery 1.7+
e.preventDefault(); //prevent form from submitting
var data = $("#login_form :input").serializeArray();
console.log(data); //use the console for debugging, F12 in Chrome, not alerts
});
});