My toshiba 47hl167 was doing the same thing. I took off the cover and looked for blown caps like several articles mention, but nothing was obvious. I found an article about reloading the firmware to get the tv out of protected mode. I just completed this and it turned on and right now it is working fine. I'm going to leave it on several hours and see if anything changes. Make sure you download the correct firmware for your TV. I had a 1gb SD card already so I used that even though it specifies a 16 or 32 mb card but that didn't seem to matter. My first attempt I just copied the entire folder to the sd card and that didn't work. Then I reread the instructions and opened the folder and copied the enclosed files and folders onto the SD card and retried. This time the led flashed twice and turned green. I let it set for two more minutes before I unplugged and removed the card. Plugged back in and oo la la! Here is the link, Good luck. http://www.benjammin.net/www/pages/techtips/Toshiba-Regza-42HL167.html
If the tv doesn't reset after being unplugged awhile, there's an internal problem, and the unit will have to be serviced. Make sure the cable input isn't loose, and that the cable cord is good. Aside from that, there's not much you can do. Some cities have mobile TV repairmen that will service the unit in your home, and it's much more convenient. Look in your Yellow Pages under TV Repair.
Good luck, and hope this helps.
SYMPTOM: Won't turn on or intermittently won't turn on, Red LED Flashes.
CAUSE: Loss of Main Switched Power Sources. Standby power is OK.
SOLUTION: Replace Regulator IC Q820 with Toshiba Part # 23135094
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