Heat a Dutch oven over moderately high heat until hot. Add the beef and turkey and saute, stirring frequently, about 7 minutes or until the meat has lost its pink color and has released its juices.
Remove from the heat and spoon the meat into a sieve set over a bowl. Allow all the fat to drain from the meat; it will take at least 10 minutes.
Meanwhile, in the Dutch oven, heat the oil over moderate heat. Add the onion and garlic and saute 5 to 7 minutes or until softened and golden brown.
Stir in the sweet peppers, chili powder, and spices and cook about 5 minutes longer or until the peppers are slightly soft return the meat to the pan.
Stir in the crushed tomatoes, hot red pepper sauce, if using, and pepper and bring to a boil. Partially cover and simmer, stirring occasionally, 20 to 30 minutes or until the sauce thickens.
Stir in the corn kernels and kidney beans. Cover and cook about 5 minutes longer to heat through.