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The most likely cause is a component failure in the power circuit. This can be repaired fairly inexpensively. However, it's not really a user serviceable problem and should be looked at by a qualified technician. Here is a link to a repair shop that should be able to help you.
Play the tape on the camera before connecting it to the mac and loading up the software. You could always see if iMovie is giving the same error message too... This usually fixes the problem for me and usually arises when switching between SD and HD on the camera.