You can not spin this bailout as dollar positive any more, another important observation will be in place. Once financial system will be out of panic mode and functioning normally with healthy financial institutions money will start to flow back into emerging markets with strong underlying fundamentals for growth putting more pressure on falling US Dollar. From Bloomberg:
"The combination of spending $700 billion on soured mortgage-related assets and providing $400 billion to guarantee money-market mutual funds will boost U.S. borrowing as much as $1 trillion, according to Barclays Capital interest-rate strategist Michael Pond in New York. While the rescue may restore investor confidence to battered financial markets, traders will again focus on the twin budget and current-account deficits and negative real U.S. interest rates." "As we get to the other side of this, the dollar will get crushed,'' said John Taylor, chairman of New York-based International Foreign Exchange Concepts Inc., the world's biggest currency hedge-fund firm, which manages about $15 billion."