Mix olive oil, onions, garlic, bell peppers, and jalapenos in large sauce pan and cook over medium heat until onions are translucent. Stir often.
Mix Tomato Paste, Tomato Sauce, Canned Tomatoes, and Diced Tomatoes in large stock pot over medium-low heat.
Add cooked onion mixture to sauce in large stock pot and stir thoroughly.
Brown meat in the same large sauce pan used for the onion mixture. Break up into as small pieces as possible.
Drain juices from meat and return to medium heat. Mix in Chili Powder, Cumin, Salt, and Pepper. Stir uncovered until meat is completely covered in spices and has dried out a bit. The goal is to sear the spices into the meat.
Add meat to Sauce Stock Pot. Stir and simmer on medium-low heat. Depending on your stove, adjust heat such that chili doesn't boil, but just gurgles a bit. You don't want it hot enough to burn to the bottom of the pot, but it needs to be hot enough to simmer.
Taste and salt/pepper to taste.
Cook chili for at least 20 minutes, stirring occasionally. An hour or two is recommended, stirring occasionally. Over 4 hours is a bit much and chili will start to break down.