Hearty Cheddar and Bacon Corn Chowder

Name: Hearty Cheddar and Bacon Corn Chowder
Ingredients: 4 ounces bacon (chopped); 2 tablespoons olive oil; 2 cups yellow onions (chopped (1-2 large onions)); 1 tablespoon unsalted butter; 1/2 cup flour; 1/2 to 1 teaspoons kosher salt; 1/2 teaspoon freshly ground black pepper; 1/8 teaspoon ground turmeric; 1 tsp dried thyme; ¼ tsp cayenne; 1 tsp Old Bay Seasoning (optional, but delicious); 4 cups chicken stock; 2 cups potatoes (red bliss or yukon gold are ideal; unpeeled (2 pounds)); 1 red bell pepper (chopped (optional)); 3 cups corn kernels (fresh (3 ears) or frozen (1 pound)); 1/2 cup half-and-half; 3 ounces sharp white cheddar cheese (grated)