Washington Mutual Bank - US biggest bank failure ever

Golly, what is happening to US economy now? First the Lehman Brother's announcement of bankruptcy which shaken the Wall Street and now the announcement of Washington Mutual Bank failure? What is happening to these biggest business in US? Is this a threat for other business as well? I don't really know but I fear most is the effect of all of this to world business which I know will also have an effect to our economy. I don't want to think about it but I can't help thinking about my family way back in Philippines. I just hope it will not have a big impact to Philippines economy because if that's happen a lot of poor people will suffer.