Dice bacon and cook in skillet until crisp-ish. Drain on paper towel, but keep bacon grease for later. Add some bacon grease to stock pot.
Melt the butter in the stock pot.
Dice the Onions and sauté them in the butter with the garlic until translucent. Add thyme.
Add flour to butter and onion mix and cook until brown, constantly stirring.
Add stock, milk, clam juice, and bay leaves. Stir until thickened.
Peel (if you want to) and dice potatoes. Add to stock pot and bring to a boil.
Reduce heat and simmer until the potatoes are cooked.
Add bacon, clams, and cream, stirring until soup is heated. Add salt/pepper to taste.
Serve with oyster crackers, parsley, and a liberal dash of Tabasco.