Cook meat in a large skillet over medium heat until browned, stirring to crumble; drain well. Add onion and green pepper; cover and simmer 10 minutes or until vegetables are tender. Add garlic powder, chili powder, salt, pepper, cumin, picante sauce, hot sauce, and chopped olives; cover and simmer 5 minutes. Remove from heat, and set aside.
Fry tortillas, one at a time, in 1/4 inch hot oil (375°) for 5 seconds on each side or just until softened. Drain tortillas on paper towels. Spoon meat mixture evenly in center of each tortilla, and roll up. Place tortillas, seam side down, in a lightly greased jellyroll pan. Set aside.
Melt butter in a heavy saucepan over low heat; add flour and cook 1 minute, stirring constantly. Gradually add milk; cook over medium heat, stirring constantly, until sauce is thickened and bubbly. Add sour cream, and cook 1 minute or until thoroughly heated.
Pour sour cream sauce evenly over enchiladas; sprinkle with cheese. Bake at 350° for 20 minutes or until bubbly. Top with sliced ripe olives, if desired.