Preheat oven to 350 degrees. Combine flour, cinnamon, baking powder, baking soda and salt in a large mixing bowl. In another bowl, combine oil, sugar, eggs, molasses and vanilla with an electric mixer. Add shredded carrot and mix. Add raisins and walnuts and mix well by hand. Pour flour mixture into the carrot mixture and stir until combined.
Pour batter into 2 greased 8-inch loaf pans. Bake 50 minutes or until done. Makes 2 loaves, 12 slices per loaf.