Subject: Would an object dropped through a hole in the earth oscillate forever?

If a hole were somehow drilled right through the centre of the 
earth, and an object were dropped into this hole, would the 
object first accelerate until it reached the centre and then 
begin to decelerate until the pull from the centre captured it 
again just after it had emerged from the other end of the hole? 
Would this oscillating cycle then repeat ad-nauseum, and if so 
does this constitute a kind of perpetual motion?

Re: Would an object dropped through a hole in the earth oscillate forever?