Fry the bacon until crisp. Remove and drain the bacon, but leave the fat in the pan.
Add the garlic, bell peppers, onion, thyme, crushed red pepper and anchovy. Cook until the vegetables are just tender. Add the oyster water (if used) and cook until it's absorbed by the vegetables.
Add the remaining ingredients. Crumble the bacon and add, stirring everything to blend well.
Spoon the sauce atop oysters on shells or in small au gratin dishes. Sprinkle very lightly with bread crumbs. Bake on a preheated 450-degree oven until the oysters bubble and the sauce browns a little on top.