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We address those puzzling experiments in underdoped high $T_c$superconductors which have been associated with normal state "vortices" andshow these data can be understood as deriving from preformed pairs with onsettemperature $T^* > T_c$. For uncorrelated bosons in small magnetic fields, andarbitrary $T^*/T_c$, we present the exact contribution to \textit{all}transport coefficients. In the overdoped regime our results reduce to those ofstandard fluctuation theories ($T^*\approx T_c$). Semi-quantitative agreementwith Nernst, ac conductivity and diamagnetic measurements is quite reasonable.Comment: 9 pages, 4 figures; Title, abstract and contents modified, new  references added, figures changed, one more figure added; to be published on  PR

Nernst effect and anomalous transport in cuprates: A preformed-pair alternative to the vortex scenario