Step 1

Cook the bacon: Place butter and bacon into a large, heavy-bottomed soup pot. Heat on medium heat until the bacon renders its fat, 3-4 minutes.

Step 2

Cook the vegetables (except the corn and potatoes): Add the chopped onions, red bell pepper, carrot, and celery, lower the heat to medium low and cook until vegetables soften, about 5 minutes.

Step 3

Add corn cobs and bring to a simmer: Break the corn cobs in half (after you've stripped off the corn) and add the cobs to the pot. Add the milk and the bay leaf. Bring to a boil and reduce heat to a bare simmer. Cover the pot and cook for 20 minutes.Make sure the heat is as low as can be and still maintain a gentle simmer (on our stove we had to use the "warm" setting) to prevent scalding the milk on the bottom of the pan.

Step 4

Add potatoes: After 20 minutes, add the potatoes, salt, and thyme to the pot. Increase the heat to return the soup to a simmer, then lower the heat to maintain the simmer and cook for another 10 minutes.

Step 5

Finish the soup: Discard the cobs, the bacon strip, and the bay leaf. Add the corn kernels and black pepper. Again raise the heat to bring the soup to a simmer, then lower the heat and cook for another 5 minutes, until the potatoes are fork tender.Add more salt and pepper to taste.