Meanwhile, pop corn. (Using a popcorn popper, or if you know how to do it on the stove top). Place in a giant bowl, or 2 large bowls. Set aside
In a medium sized microwave safe bowl, put butter, white sugar, brown sugar, condensed milk and corn syrup.
Microwave for 2 minutes. Stir. Microwave for 2 minutes. Stir. Microwave for 2 minutes. Stir. (6 minutes total).
When caramel is done microwaving, add vanilla and baking soda. Stir.
Pour about half of the caramel over one of the bowls of popcorn. Stir.
Add a little more popcorn then a little more caramel, while stirring, until everything is added.