March 30, 2023
Joe Luzinski, Senior Managing Director of DSI was recently quoted in an article from the South Florida SunSentinel titled: South Florida economy seems firm in face of inflation, bank headwinds. Will it last? By David Lyons
Mr. Luzinski characterized the banking problems as a “sector crisis” driven by the technology industry, “not a systematic banking crisis.”
“I don’t think any of our local banks have a lot of exposure in that [technology] space,” he said, although Silicon Valley Bank did open a branch on Miami’s Brickell Avenue in 2021.
“I think the regulators and the government were probably wise to realize that if they didn’t backstop the deposits, it could have created a literal firestorm among the big businesses that are not startups,” Luzinski said. “The good news is the government probably made a good choice to step up and cover that. The bad news is, I’m not sure where the bottom is at the moment.”