SPRINKLE salt and pepper evenly over steaks; SET aside.
In a shallow bowl, COMBINE crackers, flour, salt, black pepper, red pepper and baking powder.
In another shallow bowl, WHISK together milk and eggs.
DREDGE steaks in flour; DIP in milk; DREDGE in flour again.
HEAT oil in 12-inch iron skillet (don't use a non-stick skillet) to 360° F; FRY steaks 3 minutes; TURN; FRY until golden, about 3 more minutes.
REMOVE steaks; PLACE on wire rack on a jellyroll pan; keep WARM in oven at 225° F.
DRAIN off hot oil, RESERVING cooked bits in skillet; RETURN 1 tablespoon of drippings to skillet.
WHISK together milk, flour, salt and pepper; ADD to drippings in skillet; COOK, WHISKING constantly over medium-high heat until thickened, about 10 to 12 minutes.
Prepare mashed potatoes to serve along with steaks; pour gravy over both steaks and potatoes for the ultimate in rib-stickin' good...
Per Serving (excluding unknown items): 1070 Calories; 81g Fat (68.6% calories from fat); 39g Protein; 45g Carbohydrate; 1g Dietary Fiber; 216mg Cholesterol; 1509mg Sodium. Exchanges: 2 Grain(Starch); 3 1/2 Lean Meat; 1 Non-Fat Milk; 13 1/2 Fat; 0 Other Carbohydrates.