  We present evidence that the power law part of the quiescent x-ray emissions
of neutron stars in low mass x-ray binaries is magnetospheric in origin. It can
be very accurately calculated from known rates of spin and magnetic moments
determined from the the $\sim 10^{3 - 4}$ times brighter luminosity at the
transition to the hard spectral state. This strongly suggests that the spectral
state transition for neutron stars is a magnetospheric propeller effect. We
test the hypothesis that the similar spectral state switches and quiescent
power law emissions of the black hole candidates might also be magnetospheric
effects. In the process we derive proposed magnetic moments and rates of spin
for them and accurately predict their quiescent luminosities. This constitutes
an observational test for the physical realization of event horizons and
suggests that they may not be formed during the gravitational collapse of
ordinary matter.
