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Shuck the corn and remove all of the silk.
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Using a sharp knife, cut the corn off the ears into a large bowl. Set aside.
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Cut bacon into 1-inch pieces. Fry in a large skillet over medium heat, stirring constantly, until crisp, being careful not to overcook.
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Remove bacon from skillet with a slotted spoon and drain on paper towels.
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Add the onions and red bell peppers to the skillet with the bacon drippings and sauté until the onions are translucent.
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Add the garlic and corn and sauté, stirring frequently, for about 5 minutes.
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Season to taste with salt, freshly ground black pepper, and a dash of sugar.
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Pour in the cream and bring to a boil.
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Immediately reduce heat and simmer until cream reduces and thickens slightly, about 5 minutes more.
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Crumble the bacon and stir into the corn.
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Serve immediately.