In large heavy bottomed sauce pot, heat oil over low heat. Add onions and cook, stirring occasionally, for about 5 minutes.
Add celery, red peppers, garlic and cumin: cook, stirring, for 2 to 3 minutes. Add chicken broth, thyme, and bay leaf and increase heat until mixture begins to boil. Turn down heat to low and simmer, uncovered, for 10 minutes.
Add frozen corn and potatoes, return to a simmer and cook until potatoes are tender when pierced with a fork (about 10-12 minutes depending on size of potato pieces).
Add creamed corn and stir. Shake milk can and pour contents into pot. Cook, stirring, until slightly thickened, about 2 minutes (do not boil). Remove and discard bay leaf. Season with salt, pepper, and cayenne.
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