In a small saucepan over medium heat, saute the bacon until crisp and browned and the fat is rendered. With a slotted spoon, transfer bacon to paper towel and reserve. There should be about 4 tablespoons of bacon grease in pan.
Add the onions and red pepper to pan. Saute until tender and translucent, about 4 minutes. Season with salt and pepper, to taste. Add the jalapeno and garlic and saute until fragrant, about 1 minute. Stir in the flour until thoroughly combined. Cook the flour until it reaches a slight blonde color, about 1 minute. Stir in the chicken stock and the potatoes and simmer for 10 minutes; potatoes will become soft. Add the cream, corn, cayenne and bay leaf. Simmer for 15 more minutes. Pour into a serving bowl and garnish with the reserved bacon.