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740 Wagon has an strange intermittent problem, Loud Noise in P and N tranny position and almost all electrical goes out with it! 700 1989

Hi,
My dear Volvo has an intermittent problem, it started out like this: 1989 740 Wagon GLE auto tranny, B230F, non-turbo- gas engine single OH-cam...:
Sometimes, very rarely it would "squeal" loud on initial startup, just a short squeal, sounded like an old air-start Mac truck. Or sorta the sound of a rubber belt on a stuck alternator.
But, could not find anything wrong. TODAY, after driving it for 1 hour on the HWY (I drove it lots today with intermittent stops, no problems whatsoever in this generally maintained and trouble-free car), I shut down, ran into a store, and it restarted normally ( I think at least ) but as I drove off, I noticed my instrument cluster didnt work and the headlights were out too....! SO I put it in park and IT SQUEALS LOUD and I back right off back into R with the Auto tranny. AS I ease the Tranny into N to go look at the lights and under the hood, IT SQUEALS AGAIN and the engine boggs down from the usual idle... SO I jank it back into D and it doesnt squeal... BUT no Headlights and interior-lights. I am almost home, so I drive there with emergency flashers ON and the Lights in PARK where they even NOW all work. Highbeam doesnt work either! I drive home and engine runs fine Tranny works in all aspects good, but no lights no wipers nothing... AND any attempt to shift in to P or N results in bogging down and LOUD SQUEAL, So I back off and shut down in garage. Try Restart, starts normally, P and N do not squeal and ALL Electrical works NORMALLY no burned fuses or any thing !!!
SO it all works again, normal and several starts later.
The electrical fusebox felt kinda warm and so did the fuses....
I have to get this fixed before it frys the good car....
Could it be the starter acting up somehow?? Why in P and N? why did nothing work even if it did not squeal??
Please help.
Best regards,
Lars ( in Anchorage , Alaska )






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