1Dice unpeeled red potatoes into 3/4-1 inch cubes.
Place in large saucepan; cover with cold water.
Put lid on pan and turn heat to high.
As soon as water is boiling, turn heat off but leave pan on burner.
Set timer for 12 minutes. Drain when time is up.
If cream mixture is not finished, put drained potatoes back in saucepan with lid.
2In a separate pan, mix melted butter and flour until smooth.
Place over low heat and gradually add heavy cream, stirring constantly.
Continue to stir until smooth and liquid begins to thicken.
3Add Velveeta and cream cheese cubes.
Stir until cheeses have melted and mixture is smooth.
4Add drained potatoes to cream mixture.
Stir in salt, pepper, and garlic powder, to taste.
Cover and cook over low heat for 30 minutes, stirring occasionally.
5Ladle into individual soup bowls.
Top with crumbled bacon, shredded cheese, green onions, and hot sauce, as desired.