The flashing timer light blinks out a code, where it flashes some number of times, pauses, then repeats. The code indicates what fault is keeping the set from coming on. Unfortunately, all the codes tend to mean that there is some electronic problem with the TV. Unless you have some electronic servicing skills and the necessary equipment to troubleshoot the problem, you'll need to have set checked by a professional. For any code there can be many causes, so I can't offer any other advice.
This might be a good time to check sale prices on LCD sets. Let a technician check the set and give an estimate for the repair, then decide.
POWER SUPPY BOARD PROBLEM
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