  We elaborate on the paradigm proposed in Ferreira et al. (2006), where the
increase and decrease in the disk accretion rate is accompanied by a
modification of the disk magnetization $\mu \propto B_z^2/\dot{m}_{in}$, which
in turn determines the dominant torque allowing accretion. For $\mu>0.1$, the
accretion flow produces jets that vertically, carry away the disk angular
momentum (jet-emitting disk or JED). The goal of this paper is to investigate
the spectral signatures of the JED configurations. We have developed a
two-temperature plasma code that computes the disk local thermal equilibria,
taking into account the advection of energy in an iterative way. Our code
addresses optically thin-to-thick transitions, both radiation and gas supported
regimes and computes in a consistent way the emitted spectrum from a
steady-state disk. The optically thin emission is obtained using the BELM code,
which provides accurate spectra for bremsstrahlung and synchrotron emission
processes as well as for their local Comptonization. For a range in radius and
accretion rates, JEDs exhibit three thermal equilibria, one thermally unstable
and two stables. Due to the existence of two thermally stable solutions, a
hysteresis cycle is naturally obtained. However, standard outbursting X-ray
binary cycles cannot be reproduced. Another striking feature of JEDs is their
ability to reproduce luminous hard states. Showing that when the loss of
angular momentum and power in jets is consistently taken into account,
accretion disks have spectral signatures that are consistent with hard states,
even up to high luminosities. The reproduction of soft states being well
performed by standard accretion disks (SAD), this study argues for the
existence of hybrid disk configuration: JED and SAD. A study of such hybrid
configuration will be presented in a forthcoming paper III.
