BROWN the GROUND BEEF in a skillet over medium heat, breaking meat up with spatula as it cooks, while stirring occasionally.
MEANWHILE as the meat is browning, drop approximately 1 halved medium red bell pepper and 1 quartered green bell pepper into a food processor while running, until pepper pieces are as fine as they will chop.
DRAIN the GROUND BEEF if necessary after it has browned.
COVER the skillet with ground beef; REDUCE heat to lowest setting to keep warmed.
WHISK the following SAUCE ingredients well in a medium bowl: 1 (6 ounce) can quality tomato paste, 1/2 cup water, 1/2 cup Karo light corn syrup, 1/2 cup Heinz distilled white vinegar, 1 tablespoon cornstarch, 1 tablespoon minced onion flakes, 1 teaspoon unseasoned sweet chili powder, 1 teaspoon plain salt, 1/2 teaspoon Lea & Perrins Worcestershire sauce, 1/4 teaspoon ground allspice, 1/8 teaspoon ground cloves, 1/8 teaspoon garlic powder, 1/8 teaspoon red chili flakes, 1/8 teaspoon white pepper.
POUR the sauce mixture into a medium saucepan; ADD one bay leaf; STIR in the chopped BELL PEPPER.
BOIL the sauce mixture for one full minute while whisking constantly; REDUCE heat to medium; COOK for 5 minutes, whisking occasionally; REMOVE bay leaf; SEASON to taste with salt if necessary.
ADD sauce to cooked GROUND BEEF in saucepan; STIR until mixture is thoroughly combined; COVER; KEEP warmed.
TO PREPARE SLOPPY JOES: For toasted steamed buns if desired, melt butter a large skillet over medium heat; PLACE place halved buns cut-side down; REDUCE heat and cover until buns are browned on bottom and heated through. Spoon sauce over warmed hamburger buns (you may customize your Sloppy Joes to your own preference, such as adding powdered parmesan cheese and/or shredded cheddar cheese, or other extras).