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| Image 1: The squat - as intense as it is, it is no replacement for "aerobics"; more on squatting in the EMG Series | 
As a diligent student of the SuppVersity you will obviously remember
    
yesterday's
      news on the potentially detrimental chronic increases in
    cortisol, Kirschbaum et al. (
Kirschbaum.
      2011) have observed in a group of 304 amateur endurance
    athletes. 
This raises the question, whether or not your 3-4 strength
      training sessions per week would not suffice as "aerobic exercise" - after all, most people are huffing and puffing much more after one sets of squats than after 45 min. on a recumbent bike. And even if you were not interested in increasing your aerobic performance, I assume it would be nice to know if squats really are so energetically intense as they feel, or, in other words, how much more energy you are expending doing squats vs. let's say triceps extension ;-)
And more generally, i.e. in view of the aerobic effect and energy expenditure in the course of a complete strength training session, it would be interesting to know, ...
- how much total energy you were expending while benching,
        squatting, rowing and co., and
       
- what the relation of aerobic to anaerobic energy
          expenditure was like during heavy resistance training.
 
Both questions have been a subject of scientific debates for quite some time. The
    measurement of blood lactate levels, as well as other methods to
    access total energy expenditure, the ratio of aerobic to anaerobic
    metabolism and the highly controversial contribution of increased
    energy expenditure 
after resistance training (EPOC) have
    been questioned lately (
Robergs. 2007). Reason enough for Jefferson M. Vianna
    and his colleagues from Brazil and Portugal to take another, 
closer
    look at the total and relative energy costs of resistance training (
Vianna. 2011),
    in order veri-/falsify previous empirical data.
As their measuring tool of choice, the scientists selected
 the
    
oxygen deficit method (AOD), where the anaerobic
    contribution to the overall energy expenditure is estimated by linear
    extrapolation of the VO2 at supra-maximal intensities and the AOD is
    then calculated by subtracting the cumulative oxygen uptake (VO2Ac)
    from the estimated energy demand. As the scientists point out,
    thus...
[...] the VO2Ac represents the portion of energy
        obtained by aerobic processes and the AOD
        represents the portion of energy obtained by anaerobic processes
      [so that] their sum equals the total VO2 during exercise. 
The subjects in the Vianna study were 
14 male resistance
      trainees (26.6 ± 5.4 years, 1.77 ± 0.07 m height, 80.1 ± 11.4
    kg body mass and 11.2 ± 4.6 % body fat) with at least one
    year of training experience on a protocol with three or more
    training sessions per week. After height, weight and several skin
    fold measures (chest, mid-axillary, tricipital, sub scapular, abdominal,
    supra iliac, and thigh) had been taken, the individual 1RM max for 
bench
      press, half squat, lat pull down and triceps extension were assessed. Afterwards, the scientists
    measured the VO2 for each of the four exercises at 12% and 20% of
    the previously established 1RMmax. The same procedure was repeated
    48+h later at 16% and 21% of the individual 1RM max.
    Eventually (again 48+h rest), the 
subjects had
      to perform their bench presses, half-squats, lat pull downs and
      triceps extension at 80% of their 1RM. The gas the subjects
    expired during those sessions was collected and recorded by an open air circuit
    analyzer - you can see part of the results plotted in figure 1.
  | 
| Figure 1: VO2Ac (ml/kg) and accumulated oxygen deficit (AOD;
    ml/kg) at 80% 1-RM for bench press, half squat,
      triceps extension and lat pull down (data adopted
    from Vianna.
      2011). | 
If you recall what the scientists said about the interpretation of
    VO2Ac and the accumulated oxgyen deficit (AOD), it is pretty evident
    that 
there is a reason, why many trainees fear the the squat.
    After all, the "king of all exercises", as it is commonly referred
    to, has by far the highest total (cf. figure 1), as well as relative
    (cf. figure 2) anaerobic component of all four tested exercises.
  | 
| Figure 2:  Relative  contribution of aerobic and anaerobic
      metabolism to overall energy costs of bench press, half
      squat, triceps extension and lat pull down at 80% of
    the individual 1RM (data adopted from Vianna. 2011). | 
Despite inter-individual variations this 
supremacy of the squat
      is statistically significant (p<0.05, indicating chances
    that this was an incidental observation are <5%).
  | 
| Figure 3: Total energy demand (ml/kg) of bench press,
      half squat, triceps extension and lat pull down at
    80% of the individual 1RM (data adopted from Vianna. 2011). | 
If we finally take a look at the total energy demands, the underlying reason
    for your panting becomes even more evident: 
Squatting is 3.3x
      more energetically demanding than bench pressing or doing
    triceps extensions or lat pulldowns. 
The "king of all exercises" is in fact so energetically demanding
    that one set of squats at 80% of your 1RM max will still expend ~9%
    more energy than a workout consisting of bench presses, triceps
    extensions  and  lat pull downs! Nevertheless, while it cannot
    be excluded that squatting will 
indirectly improve your
    aerobic exercise performance, as well, 
in and out of itself,
      none of the tested exercises is suitable to replace what is
      commonly understood to be "aerobic" or "cardio training" - but
    hey, in view of what I have posted about the 
effects
      of HIIT training, lately, doing (regular) "cardio" training may be
    obsolete, anyways ;-)