2 c. water
2 lg. all-purpose potatoes, (about 1 lb.) peeled & diced
2 to 3 lg. ears corn on the cob
2 strips bacon, chopped
1 lg. onion, chopped (1 c.)
1/2 c. diced sweet green pepper
1/2 c. diced sweet red pepper
2 tbsp. all-purpose flour
2 c. milk
1/2 tsp. salt
1/4 tsp. pepper

1. Bring water to boiling in large saucepan over high heat. Add potatoes and return to boiling. Reduce heat to medium and cook, covered, 10 minutes.

2. Meanwhile, cut corn from cobs with knife into bowl. (You should have 2 to 2 1/2 cups.) Add corn to potatoes. Return to boiling. Reduce heat to medium-low. Cover and cook 8 minutes. Set aside.

3. In another large saucepan, cook bacon, stirring, over medium-high heat until crisp. With slotted spoon, remove bacon to paper toweling to drain. Reduce heat to medium; drain off all but 2 tablespoons drippings in saucepan and discard. (Add butter, if necessary, to make 2 tablespoons.)

4. Add onion and peppers to hot drippings in saucepan. Cook, stirring, 3 to 5 minutes or just until tender. Gradually stir in flour; cook, stirring constantly, 3 to 5 minutes or until dry and thick. Gradually add milk; cook, stirring, 3 to 5 minutes or until thickened and bubbly. Add salt, pepper, corn mixture and bacon; heat through.