David Rosenberg.
Screenshot via Bloomberg TV

This week marks the 10th anniversary of the collapse of Bear Stearns
, which proved to be the first domino of the banking system that fell.

Economists aren't sounding the alarm for another implosion of the global financial system.

But in David Rosenberg's view, belief that financial risks are low is a "myth."

The worst financial crisis in modern history claimed its first victim during this week a decade ago.

Bear Stearns, an 85-year-old investment bank that was America's fifth-largest at the time, failed to convince its shareholders that it had enough staying power to survive the housing collapse. Many of the mortgages taken by unqualified borrowers had been bundled into securities that Bear Stearns put together.

And so as more Americans struggled www ico to make mortgage payments, putting these securities in jeopardy, Bear Stearns' creditors began to panic. In a deal arranged by the Federal Reserve, JPMorgan
acquired the firm for a tiny fraction of its market value.

You'd be hard-pressed to find an economist who's speculating that another collapse of the financial system is imminent. At best, we could be looking at another economic crisis.

David Rosenberg, the chief economist at Gluskin Sheff, looks no further than where it all began a decade ago — in credit. This time, however, Rosenberg isn't worried about housing.