The difference between liberals and conservatives

One of the things I've always flattered myself about is my ability to choose smart friends. Here's what one of my very smart friends had to say:

There is an old ironic saying that liberals believe that people are basically good and should be controlled by extensive government rules; conservatives know that people are basically evil and should be given the greatest freedom possible. I suppose this is only true in an economic sense (certainly not as to social issues like abortion, drugs or gay rights), but it is an interesting spin, nonetheless. The truth is that conservatives fear the accumulation of too much power in anybody's hands, because they understand power does corrupt (or, at least, the corrupt tend to seize power). Liberals welcome the accumulation of all power in government because they believe that such power in the right hands (theirs) will be used only to make the world a better place.