Let cheese stand until room temperature.
Place cheese, margarine, milk, paprika and red pepper in blender container. Cover and blend on high speed, stopping blender occasionally to scrape sides, until smooth, about 1 minute.
Stir in pecans and olives.
Cover and refrigerate until firm, about 2 hours. Garnish with pecan halves and chopped Black olives if desired.
Serve with crackers. 1 cup pate (2 tea soon pate per cracker per serving)