Hey i'd appreciate it if someone could enlighten me.. I was on the freeway and downshifted from 5th to 4th and was travelling about 65mph. I heard a bang like a backfire and saw a cloud of smoke in my rear view moirror. I let go of the gas and reapplied gas but goe a loud whine... I have no power and if i get on the gas it whines and i think i feel slight grinding or vibration.. All my gadges read normal and the turb still spools..I thing it might be bearing issues.. maybe lack of oil? can u help? I have an 02 with sti conversion, fmic, up/downpipes, headers, and catback. I do have alcohol injection but, it was turned off at this time

 

Because of the lack of power and the noise you described when it happened, I would guess that you have a leak in your intercooler piping somewhere. Perhaps the bang you heard was one of the rubber couplings rupturing or just simply popping off? Though, I am puzzled by the part where you said that "all gauges read normal". I imagine that a severe leak in the piping would cause the car to bog itself out to where it wouldnt run at all. This is just my guess. Let me know what you find.