1. In a large soup pot, (12 cup capacity) add the water, potatoes, carrots, celery, onion, salt, pepper and thyme.
2. Bring to a boil, then reduce heat, cover, and simmer for 15 minutes (until vegetables are some what tender) do not drain.
3. Add the 1-1/2 cans of creamed corn, and bacon.
4. Keep covered, and cook over very low heat.
5. Intructions to cooking the White Sauce -.
6. In a medium- size saucepan, (over low heat) add the butter until melted.
7. In a glass measuring cup, combine the milk and cornstarch; mix well.
8. Raise the heat just abit, and add the milk-cornstarch mixture.
9. Keep stirring until it becomes somewhat thick.
10. Add the shredded cheese; stir until completely melted.
11. Add this to the corn chowder, stir and heat through thoroughly, but do not boil.