Akai tv turned itself off and now only have a red blinking light-tv will not turn back on model no. lct2701td tv is 2 1/2 yrs old

Read the info from the link below to troubleshoot the failure with your LCD. Try not for force the LCD to work because for the time being it might only need the capacitors listed in the link but if the lights is blinking red, then the failure is a bit more complex to repair.
http://www.fixya.com/support/t3771079-lct2701td_t_v_will_not_turn_only

The power supply might have a shorted/defective diode(s), blown resistors, capacitors if the light is blinking on the front of the LCD.
I repair these power supplies, write to [email protected] if you need further assistance.

The flashing light indicates a short circuit inside the power supply circuitry. This type of repair is not a DIY without a multimeter, desoldering iron and hand soldering skills. I repair these power supplies, if you need further info write to [email protected]

TV TURNS ON 1-2 SEC SCREEN SHOWS COMPONENTNT1 AND TURNS OFF WITH A POP SOUND FRO9M SPKRS

The red blinking light indicates a shorted part inside the TV. It normally happens when the power supply is trying to compensate the demand for proper or clean power to the rest of the boards. Most of these power supplies have defective capacitors and shorted zener diode(s) as well open surface mount resistors.
I repair these power supplies, if you need further assistance write to [email protected]

There is a high power supply failure rate on these LCDs. The power boards are not longer being manufactured or not easy to find.
Write to [email protected] for more info.

The only solution at this point would be to get the power supply repair since new boards are not longer being manufactured. In about 95% of the time if the LCD doesn't power up or turns OFF by itself or need to be unplug for some time to make work again; those are the symptoms of a dying or defective power supply.
I service these power supplies, for more info write to [email protected]

The failure of a blinking light is from a defective power supply. It could be a zener diode that is faulty, rectifier and a few capacitors as well.
I repair these power supplies. If you need more info send me an email to [email protected]

Our AKAI also shut off & the red light started to blink...got no help from AKAI, but did from COSTCO. We bought the set before the 90 day warranty they have in place now, so they referred us to COSTCO Concierge Services: 1-866-861-0450. We were referred to a repair service & after discovering what the problem was found out that AKAI not longer has parts for this model. COSTCO replaced our TV---talk about satisfaction guaranteed.

I had the same problem; the blinking light problem is caused by a bad power supply. It try’s to power up but senses a failure so it shuts down and just keeps repeating this process. I troubleshot the problem and found that zener diode Z3 (27volt 1 watt) was shorted and zener resistor forgot designation (2 surface mount 10 ohm resistors in parallel) were open. The zener is under a heat sink so it is hard to see. Also there were 4 1000uf capacitors that were bulging so I changed them as well. I got the parts from digikey for 20 bucks and its now working fine. This was a lower cost TV at the time of purchase so it seem the manufacture used low quality parts and I would suggest trying to return the TV to Costco before fixing it. Good luck.