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I came of age in the business climate of the late 80s. You remember, I'm sure, the headlines about Japan buying the entire West Coast. It was like World War II was happening all over again, and this time, we were just handing over our weapons in the guise of the keys to our most precious homegrown businesses.

Now Nissan and Renault are interested in forming an alliance with the venerable U.S. car manufacturer, General Motors, which could include the purchase of up to 20% of GM's shares. What could be worse than the Japanese buying our car companies? Why, the Japanese and the French (but of course).

Perhaps Toyota will become an unlikely knight, says Business Week -- perhaps even offering to purchase GM. One executive near the transaction says that Toyota "has no interest" in any form of alliance between GM and its rivals. Already GM and Toyota work together in California, where Toyota's Corolla, Matrix and Tacoma are assembled alongside GM's Pontiac Vibe.

We're not afraid of the Japanese any more, it seems. Chairman and CEO Richard Wagoner Jr. might even benefit from a takeover by Toyota -- according to some who are familiar with the Renault-Nissan deal, the plans could include replacing Wagoner with Carlos Ghosn, CEO of Nissan and Renault. Other sources, of course, say that Toyota would be unlikely to do anything so aggressive as a takeover bid. Either way, due to a 90-day timeframe set out in the Renault-Nissan-GM alliance announcement, Toyota will have to make a decision quickly or watch as its biggest competitor squeezes it out of the partnership race.

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