Classic Clam Chowder

In a large soup kettle, fry bacon over medium heat until bacon crisps, about 5 minutes. Remove bacon; set aside. Keep 2 tablespoons bacon fat in pan. (If necessary, add oil to yield 2 tablespoons.) Add onion and saute until soft, about 5 minutes. Add thyme and bay leaves; cook until fragrant, 30 seconds or so. Whisk in mashed potatoes, clam juice (bottled and what you've drained from the clams) and 1 cup of water. Add new potatoes and bring to a simmer. Reduce heat; continue to simmer, partially covered, until potatoes are tender, about 10 minutes. Stir in clams, cream and parsley; season with salt and pepper. Heat through and serve, garnishing each bowl with reserved bacon.