The basic equations of the itinerant oscillator model of liquids proposed by Sears (1965), and modified by Nakahara and Takahashi (1966), and by Damle et al. (1968), are re-examined from the point of view of Newton's third principle and of the second fluctuation-dissipation theorem. This theorem is rederived for any number of coupled harmonic oscillators in the presence of random forces. As a result of this derivation, it is shown that a greater number of parameters must be introduced in the model than generally assumed; this outweighs somewhat its attractive features which were linked to its physical simplicity. However, the present authors have obtained in two cases a good agreement between the values deduced for the various parameters by fitting the computed velocity autocorrelation function with the data of Rahman (1964), and the values estimated for these parameters by Sears from the Lennard-Jones potential.