In a 4-quart pot over medium high-heat, add bacon and sauté until it begins to brown, about 5 to 6 minutes. Add onion and cook until translucent and soft, about 3 minutes. Add carrots, celery, red peppers and potatoes. Reduce heat to medium and stir constantly 3 minutes. Pour in hot chicken broth, stir, cover and cook for 30 minutes, stirring occasionally.
Add cream-style corn, corn kernels, milk, heavy cream, basil and freshly ground black pepper; stir and bring to a boil. Reduce heat to medium-low, stir and simmer gently for 30 minutes. Serve with oyster crackers. Makes 16 cups.