No, you shouldn't get smoke from the Power Steering. Pull the belt and check each separate pully to make sure they all turn freely.
try tightening the tension pully works like a charm
Check the allignment of all the pully's.
What is the procedure for replacing the belt tenison pully on a 97 Bonneville v6 3.8 engine
remove the coolent tank and then use the pully to remove the serpentine belt. then you'll be able to see the water pump takes about half an hour tops.
remove the bolt on the pully or use a pully remover depending on the style of pully and put new one on.
You must use a "Belt Tensioner Tool" Available for loan or to purchase from your local auto supply store. This is the easiest and most cost effective way to relax the tensioner.See "Related Questions" below for more approaches to installing a serpentine belt
A spring loaded pully that keeps the serpentine belt tight
you dont they are self adjusting with the tentioner pully...
Serepentine bels do not have tension adjustments, there is a tension pully That is preloaded with a coil spring in it. If the belt is loose, the pully spring may have lost it tension. Replace the pully assembley.
No pictures here in WA, but lots of really good and helpful information about serpentine belt tensioners and pullies.Note: Autozone.com has a terrific, and FREE Repair Guide that will provide picturesSee "Related Questions" below for more
Idler pully.
you have a bad bearing on either the tensioner pully or the idler pully. both should be replaced for success.