People should "put their money where their mouth is" in terms of supporting the US, American Ambassador Mr Richard Egan told an audience of US businessmen yesterday.
The meeting of the American Chambers of Commerce was attended by representatives of financial houses such as Citibank, Fidelity and Mellon Fund Managers, as well as pharmaceutical giants such as Pfizer and Bristol-Myers Squibb, and technology firms Lucent and Ericsson.
According to Dr Dan McLaughlin, chief economist at Bank of Ireland, who addressed the audience, the economic downturn will be short-lived - with a recovery late next year.
"The fact that American companies react so quickly allows an upturn. In contrast to Japan and some parts of Europe, the fast reaction is very painful in the short-term - but allows for a better long-term."
US executives agreed. Mr John Lawrence, managing director of Bristol-Myers Squibb's European treasury operation in Dublin, said the firm was already reacting. Spending would be watched more carefully and there would be no growth in headcount. But he insisted that business would continue - although the firm was likely to rely more heavily on teleconferencing in the short term.
Mr Mark Aspel, senior vice-president of the International Centre for Dispute Resolution, also insisted that US firms would continue doing business in Europe and elsewhere.
"People were really shocked at the beginning and are only just getting back to work. But New Yorkers are tough and are used to rolling with the punches. Any further corporate reaction will be based on the balance sheet."
He too sees a growing reliance on tele-conferencing but "in a relationship business, nothing beats face-to-face. But business is international and to suggest that it could stop is crazy."
Mr Aspel also had praise for the Irish telecommunications system. On September 11th he was able to contact his brother-in-law in New York and then let his wife and mother know he was safe when none of them could contact each other.
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