liberal: tolerant, open-minded, especially in religion and politics.
conservative: 1. disliking or opposed to great or sudden change. 2. moderate, avoiding extremes.
The next time you decide to insult either political/social position, just remember those definitions. It is very possible to be a liberal conservative or a conservative liberal (I would say Axverservativism is closest to the former), and neither terms should EVER be used in a derogatory manner. The next time you think of using either of them to demean someone's position, REMEMBER THE DEFINITION OF THE BLOODY WORDS, alright? They're actually compliments, especially liberal. Tolerance and open-mindedness are virtues this society significantly lacks, but the way some people toss around the 'liberal' tag, you would think tolerance will destroy my morals and open-mindedness will rot my brain. Conservative's pretty good too. Last time I checked, going to extremes wasn't wise behaviour (don't say a word about my U2 fanaticism), though if you listen to some, 'conservative' actually refers to a person stuck in the past who believes in racism, sexism, discrimination, and a lot of other 'isms' and 'tions' that are not exactly positive. Yeah, someone is really a bigot and a chauvinistic pig just because they are hesitant about upheaval and don't have a political opinion at the extreme end of the spectrum. Let's go shun them.
I'm bold enough to say that I do not believe most people who claim to be liberal or conservative are actually that, or even have the faintest clue of what the terms mean. If you say you are a liberal and then take every chance to insult and belittle conservative opinions, YOU ARE NOT A LIBERAL. You would be if you tolerated the conservative opinions and listened to them with an open mind. If you claim to be a conservative but abhor liberals and mock their platforms, YOU ARE NOT A CONSERVATIVE. You have not been moderate; you have gone to an extreme, just like the 'liberals' you say you hate.
Politics is full of extremists and radicals, people who are unaware of the real definitions of the terms they use. Wake up to your dictionaries before it's too late. They are arguably the most valuable books on the shelves.