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If using fresh corn, use a sharp knife to cut corn kernels off the cobs; set aside. In a large saucepan, heat oil over medium heat. Add onion and bell pepper; cook until tender, stirring occasionally. Stir in broth, potato and fresh or frozen corn. Bring to boiling; reduce heat. Simmer, covered, about 20 minutes or until potato is tender, stirring occasionally.
In a small bowl combine half-and-half (or cream or milk), flour, thyme, salt and pepper; stir into corn mixture. Cook and stir until mixture is thickened and bubbly. Cook and stir for 1 minute more. Add chicken and bacon; cook and stir until heated through. If desired, garnish with thyme sprigs.