Cracker Jack

Preheat oven to 250 degrees. Combine popcorn and peanuts in a metal bowl and place in oven. Combine the rest of ingredients in a saucepan. Stirring over medium heat, bring mixture to a boil. Using a cooking thermometer, bring mixture to a hard-ball stage (260-275), which takes approx. 20 to 25 min. Remove popcorn and peanuts from oven and work quickly to pour caramel in a fine stream over them. Then put back in oven for 10 minutes. Mix well every 5 minutes so that all the popcorn is coated. Cool and store in covered container.