A bearing system for a turbocharger rotor assembly that includes an elongated bearing carrier with anti-friction bearings on each end carried in a stationary housing. The elongated bearing carrier is supported within the housing by axially spaced elastomeric bands in grooves in the outside diameter of the bearing carrier that cooperate with grooves in the bore of the stationary housing within which the elastomeric bands are seated to carry the axial thrust of the rotor assembly in both axial directions.