Yes, SQUEEZE is a Scrabble word!

Letter values in Scrabble US: S 1, Q 10, U 1, E 1, E 1, Z 10, E 1.

Is it a valid word?

SQUEEZE is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

the act of gripping and pressing firmly
a state in which there is a short supply of cash to lend to businesses and consumers and interest rates are high
a situation in which increased costs cannot be passed on to the customer
(slang) a person's girlfriend or boyfriend
a twisting squeeze
an aggressive attempt to compel acquiescence by the concentration or manipulation of power
a tight or amorous embrace
the act of forcing yourself (or being forced) into or through a restricted space

to compress with violence, out of natural shape or condition
press firmly
squeeze like a wedge into a tight space
to cause to do through pressure or necessity, by physical, moral or intellectual means :"She forced him to take a job in the city"
obtain by coercion or intimidation
press or force
squeeze tightly between the fingers
squeeze (someone) tightly in your arms, usually with fondness
squeeze or press together

Also: credit crunch, liquidity crisis, power play, squeeze play.