In medium bowl whisk together milk, eggs, sugar, vanilla and salt.
Slice bread into 1 inch cubes. Place cubes of bread into a buttered 8x8 inch-baking pan. Pour milk mixture over the bread and let soak15 min. Press bread down into liquid. Sprinkle with cinnamon and nutmeg.
Bake at 250° for 2 ½ hours. Cut warm bread pudding into squares or scoop out with a spoon and serve in individual bowls or on a plate. Pour the caramel sauce over the bread pudding.
Combine the brown sugar, butter and cream in a heavy saucepan and cook over medium heat until butter melts, stirring occasionally. Reduce the heat and simmer 15 min., stirring occasionally. Serve warm over bread pudding or serve the bread pudding with a scoop of vanilla ice cream and sliced bananas and warm caramel sauce on top.
Variations: Add dried Cranberries to your bread pudding. Instead of the bananas, sprinkle with pine nuts or chopped pecans over the caramel sauce.