Preheat oven to 300F. Trim beef of all visible fat. Sprinkle with salt and pepper.
Heat 2 tablespoons oil in a large Dutch oven. Add beef and brown on all sides. Remove from pan.
Add remaining 1 tablespoon oil, onion, carrot, celery and parsnip to pan. Saute
until lightly browned, about 8 minutes.
Add garlic, mushrooms, chili powder and cook 3 minutes.
Return meat to pan, and add broth, tomato sauce, red wine, thyme and bay leaves. Bring to a boil. Cover and place in oven and cook 3 to 31/2 hours, until beef is fork tender. (There will be lots of liquid.)
Dissolve cornstarch in cold water. Pour cornstarch mixture into pan, stirring constantly. Return to oven and cook 15 minutes or until sauce has thickened. Serves 10.