Heat oven to 350 degrees F. have an 11 x 7-inch baking dish ready.
Cook ground beef in a large non-stick skillet over medium-high heat, breaking up chunks, 4 minutes or until no longer pink. Drain off any fat. Stir in undiluted corn soup, chili powder and red pepper.
In a large bowl, stir cheese soup, onions, tomatoes and chilies until blended.
Cut tortillas in half. Line the bottom of baking dish with 8 halves. Cover with half the meat mixture. Top with 8 more tortilla halves, then with half the soup mixture. Repeat layers, ending with soup mixture.
Bake 20 minutes until tortillas are softened. top with shredded cheese and olives. Bake 10 minutes longer or until hot and bubbling.