Full chemical equilibrium calculations of the sequence of condensation of the elements from cosmic gases made by total vaporization of dust-enriched systems were performed to investigate the oxidation state of the resulting condensates. Computations included 23 elements and 374 gas species over a range of -3=log10(total P) to -6 bar and for enrichments to 1000x in dust of C1 chondritic composition relative to a system of solar composition. Because liquids are stable condensates in these systems, the MELTS non-ideal solution model for silicate liquids was used. Condensation at logP=-3 bar and dust enrichments of 100x, 500x and 1000x occurs at oxygen fugacities of IW-3.1, IW-1.7 and IW-1.2, respectively, and, at the temperature of cessation of direct condensation of olivine from the vapor, yields X(fayalite) of 0.019, 0.088 and 0.164, respectively. Silicate liquid is a stable condensate at dust enrichments >~12.5x at logP=-3. At 1000x, the Na and K oxide contents of the last liquid reach 10.1 and 1.3 wt%, respectively, at logP=-3 bar. At logP=-3 bar, iron sulfide liquids are stable condensates at dust enrichments at least as low as 500x, and the predicted distribution of Fe between metal, silicate and sulfide at 1310K and a dust enrichment of 560x matches that found in H chondrites, and at 1330K and 675x matches that of L chondrites prior to metal loss. With some exceptions, many chondrule glass compositions fall along bulk composition trajectories for liquids in equilibrium with cosmic gases at logP=-3 bar and dust enrichments between 600x and 1000x. If these chondrules formed by secondary melting of mixtures of condensates that formed at different T, nebular regions with characteristics such as these would have been necessary to prevent loss of Na by evaporation and FeO by reduction from the liquid precursors, assuming that liquids and gas were hot for enough time to have equilibrated., 58 pages, 19 figures, 8 tables