I do wish people would be clear about their usage of the word "liberal".

On the one hand it may refer to a now largely defunct UK political party, formerly the main opponents of the conservatives. This use has become expanded by ignorami in the USA to refer to all political points of view to the left of Genghis Khan or Attila the Hun.

On the other hand it may refer to economic liberalism, a fairly extreme free market ideology.

It may also refer to political liberalism. http://en.wikipedia.org/wiki/Political_Liberalism

The confusion is why much of the discussion about economics and politics is incomprehensible to any thinking person.