SOURCE: LG LCD Flat screen 32 screen blank red light blinking cable on
Bad caps in the power supply. Replace all bad cap or replace Power Supply Module. If you choose to try and fix it yourself yourself will need a ESR Meter to check the caps in circuit. Let me know if this helps.
SOURCE: LG TV
There is probably a bad capacitor on the power board, I had the same thing happen to my 42LB1DR after 2 years. T.V. would turn on and white power light would blink, no pictue and no sound. If your'e a diy'er, it is not that hard of a fix. Take all the covers off of the back of the tv(UNPLUGGED!!!), then look at all the capacitors on the power board. 
These are the capacitors, look to see if any of them appear to have a bump on the top of them. They are supposed to be flat, you can also tell if one of them has gone bad if there is an oily substance on the metal cover that was removed. If one of them is in question, carefully remove the board, and take it to an electronics store to have them sotter ?sp on a new capacitor. It ended up costing me around $40.00 to have this done. Good luck and if you are not comfortable trying this, than take it to a repair shop, but I was quoted around $450 to take the T.V. in. No Thanks
SOURCE: how to reset lg lcd tv
Whe you press the power button the TV led have to blink several times and the it have to change to blue, meaning Tv is on.
If you press the power button and the led start blinking and goes off, then you need to replace the mainboard because it is damaged.
Bye
SOURCE: LG 26LG30 screen suddently went blank. Light flashing blue/red
IN POWER SUPPLY SECONDRY SIDE ( 5V,12V,&24V) ALL CAPASITER REPLACED SET OK
Hello, I need more information to focus on the problem. When a malfunction occurs, whether you get any indication on the screen while pressing the menu button on the remote control. Is the voice remains in issue. What happens with the waiting lights.
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