Quicktags not working

I am adding posts to my WP 1.5 blog and none of the quicktags are working (as in displaying in the resulting post). For instance, I have the following code in my post:
This is a very exciting entry…….

I really think you’ll like it…. Why?

• One because its neat
• Two because I said so

Do the links work? Google

but only if you read more

<!–more–>

See I told you this would be worth your mouseclick ??

BUT — there is no link, there are no bullets and the <!–more–> tag does nothing as well.

Can someone point me in the right direction to troubleshoot this?

Thanks
_Paula