The rear drum spindle bearing on the Sears dryer we had went out after about 6 years and made the same squeeking. The bearing kit was over $50 and the initial price was $200 for the dryer. Being hard headed and broke then, I put some white lithium grease in/on the bearing and it lasted another 6 years. I do not suggest that this is the correct or approved repair, but it did work for me. I kind of got into the habit of greasing the bearing and replacing the drive belt every couple of years after that, when the noise got loud again. Gave me a reason to vacuum the inside also.