[Greg Reid]

Well Doug, you got me doubting myself so I looked it up...at least in Georgia-

“A red flashing light means you must stop completely (treat as you would a stop sign). Proceed with caution only after yielding the right of way to pedestrians and to other vehicles at the intersection.”
"A yellow flashing light means you must slow down and exercise caution before proceeding through the intersection.”

I'd be very surprised if it was any different in TN or any other state.


Curiosity got the best of me so I looked for TN. guidelines on traffic signals...I think I see what his confusion was-
It's to be treated as a 4 way stop if the signals are inoperative. They are not considered inoperative if they are flashing.
This is really the rule of thumb for any place I know of. A dark light is a stop light.

c) The driver of any vehicle approaching an intersection that is controlled by a traffic-control signal that is inoperative because of mechanical failure or accident shall come to a full and complete stop at the intersection.....
A traffic-control signal shall not be considered inoperative if the signal is operating in flashing mode. If a signal is operating in flashing mode, it shall require obedience by vehicular traffic pursuant to § 55-8-112.