The power light is flashing but there is no picture on the monitor and you can not shut of the flashing power light. All I have is a black screen and a flashing yellow power light that can not be shut of without unplugging the monitor.

If you are going to DIY and have proper tools and know safety precaution then please read on:
Most common failures in the LCD monitors are bad capacitors (bulging top/seal or leaking) in the power supply, blown fuses; poor solder joints, failed inverter circuits (blown fuse, shorted transistors, shorted/open transformers), bad lamps (poor solder connections or worn out lamps). You will need to open it up and inspect the inside, see example of failed monitors to get some ideas what to look for: http://s807.photobucket.com/home/budm/allalbums
Post back what you see inside so we can guide you further and it will help out other people in the future also.
http://en.wikipedia.org/wiki/Capacitor_plague
http://www.badcaps.net
Capacitors kit: http://lcdalternatives.auctivacommerce.com/