In a large pot, heat oil and add beef, onions and carrots. Season with salt, pepper and Italian seasoning.
Cook until onions are translucent and beef is browned. Remove grease if needed.
Add cooked bacon, corn, hash browns and chicken broth. Cook for 10-12 minutes over medium heat or until potatoes are heated through. (If the potatoes soak up all the liquid, add another cup)
Add milk.
While milk warms, heat up a small skillet. Melt the butter and add flour. Whisk together briskly until browned, 1-2 minutes. Remove from heat.
Add to the soup, allowing it to thicken for a minute or two.
Add cream cheese and cheddar cheese. Stir until heated through. Do not boil.
Serve with extra cheese and fresh sourdough.