1. Cut off corn kernels with a sharp knife, scrape the ear with a downward motion to remove all the pulp.
2. Heat the butter or margarine and bacon fat to sizzling, add the corn and water and cook at high heat, stirring constantly 5 minutes.
3. Reduce the heat, cover tightly and cook 15 minutes longer, stirring occasionally. Add salt and pepper. The water should evaporate completely.