Wall Street Roundup: China’s bubble. Congress’ favorite crisis book

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Construction spending up. Construction spending rose in April -- significantly more than the month before and more than analysts expected -- the Commerce Department reported.

China’s bubble. A Chinese government official has ramped up fears that China may be in the midst of creating its own housing bubble that could be even worse than the one that recently popped in the United States.

Congress’ favorite crisis book. Among the slew of books that has been published in the wake of the financial crisis, it appears that Michael Lewis’ ‘The Big Short’ is emerging as the favorite of politicians. Meanwhile, Lewis is out with a satirical essay pointing to how Wall Street might still win the battle over financial regulation.

-- Nathaniel Popper in New York