Heat the olive oil in a large, deep skillet. Add the onion and cook over medium heat for 3-4 minutes, or until it has softened. Add the meat, tomatoes, tomato paste, chili powder, bay leaf, oregano, cumin, crushed red pepper and beef broth. Stir, bring to a boil and lower the heat to a simmer. Cook for about 40 minutes. Add the beans. Cook for another 15-20 minutes, or until the chili is thick and most of the liquid has been absorbed. NOTE: to use leftover pan juices and/or onions: use about 1-1/3 to 1-1/2 cups juices (add water or canned broth if necessary). Do not sauté more onions; Place all the ingredients, including leftover onions in the pan and proceed.