TheStreet.com TV Recap: Go on Defense

The bears are in charge today, which is why people should only be buying defensive stocks, Jim Cramer said on TheStreet.com TV's Wall Street Confidential video Thursday.

Heinz (HNZ Quote), Procter & Gamble (PG Quote) and Bristol-Myers (BMY Quote) "make sense here," he told Gregg Greenberg, the host of Wall Street Confidential.

"People have to understand that you can be short-term bearish within a long-term bullish environment," Cramer said.

When Greenberg asked how dangerous the yen carry trade is, Cramer said the carry trade has been going on forever and "there are periodic times where it unwinds" and "scares" people. There are also periodic accounts that get "margined out" here, he said. ...