Rinse beans under cold water, sorting out any rocks/particles.
Place beans in a stock pot with the cooked bacon and cover with water by 2 inches. Bring to a boil, then reduce to a simmer. Cover the pot and simmer for 2 hours, checking occasionally to make sure the water level is fine. Add more water as needed.
Then toss in diced onion, red bell pepper, garlic and jalapeno. Cover and continue cooking for another hour or two, remembering to check the water level.
Add salt, chili powder, garlic powder, red pepper and black pepper, then cover and cook for another 20 to 30 minutes, or until beans. Serve with cornbread and French fries.