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Your best bet is to find a tech who can repair it; it is possible. Or buy another one on ebay--it might be a cheaper fix. These receivers are among the sweetest-sounding ever made and are well worth fixing.
The knobs are usually connected to a potentiometer; basically a variable resistor circuit with a long shaft that the knob attaches to. The knob could be secured to the shaft with a plastic grommet, which can be stripped. It could be attached by a small screw on the knob, and tightening that would fix it. Or, it's possible that the potentiometer itself broke, and would need to be replaced.
If the "pot" is broken, a repair shop should be able to fix it for less than $50. If you're handy with tools, you can take the 7100A apart; hopefully read the specs from the potentiometer; and buy a new one. Replacing it shouldn't take more than a few screwdrivers, some pliers, and a soldering iron...
Did you say the lamp blinks red? I assume you meant the lamp status indicator light. That probably means the lamp is burned out. Take the lamp assembly out and inspect the bulb. If you see a visibly burned capsule or broken wire inside, that's your problem (you don't need to remove the lamp from the assembly to inspect it, and don't touch the lamp itself - see next paragraph). When you replace it, be sure you clean all of the vents in both the front and back of the set. Dust-clogged vents will cause a bulb to burn out prematurely, or even explode. You may need to remove the back cover (unplug first!) to clean out a dust filter for the lamp cooling duct.
You can save money by buying a bare bulb and rewiring it into the lamp housing, but be absolutely careful never to touch the new bulb with bare fingers - the contaminants from your fingertips may cause the bulb to explode when it gets hot. Wear disposable vinyl gloves (the kind restaurant food handlers use) for this job. The gloves may be included with the new bulb.
Set a regular cleaning schedule for the vents. How often depends on how quickly the dust builds up. Just don't let them get completely covered with dust.
Obviously your Flasher is defective or one of the Lamps is intermittent. Federal Law requires the Flasher to quit Flashing if a Bulb is Burned Out or the Circuit to either front or rear has an intermittent connection. Next time it Stays on check the Front Bulb for the side you are indicating a turn. If Both Front and Rear Bulbs are lit then replace the flasher. Flashers do wear out!
The blinking lamp light indicates that there is a problem with the bulb. Mine did this when I had used the bulb past it's life and the bulb was burned out. Use the owner's manual instructions to remove the bulb and visually inspect it. Mine looked burned out - it was black with clouds on the glass. If this is the case with yours, replace the bulb, or replace the whole unit. (Bulbs can be costly.)