Fieros have a thermal flasher that is load dependent. In other words, if one or more of the lamps is burned out (or not connected) the flasher will cycle very slowly, or not at all.
So, you must be sure that all the bulbs are good, and that they are making good contact in the sockets. The grease is normal (keeps the moisture out of the fixtures). Pull the bulbs, clean the contacts on both the bulbs and the sockets (or maybe even replace the bulbs) and you should be OK.
If not, then perhaps, coincidentally, the front bulb burned out. Check that.
Good luck,
-L
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