Cook chopped bacon until fat is rendered and bacon begins to brown. Add onion and saute until transparent. Add potatoes and bell pepper and saute 1-2 minutes. Add reserved clam liquid, clam juice, ans milk. Simmer over low heat until potatoes are tender - DO NOT BOIL. Add corn and clams, simmer about 5 minutes until thickened. Mix in thyme and season to taste with salt & pepper.