THE STANDARD MODEL OF ACCRETION DISKS DEVELOPED IN THE 1970S CANNOT ACCOUNT FOR THE OBSERVED SPECTRAL FEATURES OF DISK-ACCRETING SYSTEMS SUCH AS EXCESS THERMAL EMISSION (E.G. THE 'BIG BLUE BUMP' IN ACTIVE GALACTIC NUCLEI) NON-THERMAL X-RAY EMISSION AND BROAD EMISSION AND ABSORPTION LINES. MOREOVER THE MODEL DOES NOT ACCOUNT FOR EITHER MAGNETICALLY-DRIVEN OR RADIATION-DRIVEN OUTFLOWS KNOWN TO ALWAYS ACCOMPANY OPTICALLY THICK GEOMETRICALLY THIN ACCRETION DISKS. IN