Yes, the principle of equality should be placed above the principle of liberty. Because liberty means different things to different people we have to decide as a society what are liberties will be, but as long as their is equality we can assure that everyone is treated fairly and equally.
I think that the principle of equality should definitely be placed above the principle of liberty. While I think that liberty is something every American should have, there is no point to believe in it if every citizen in the country is not seen as equals. I think that we should all strive for both.
Equality is BASED on liberty. Without liberty, the only way we can all be "equal" is to be equally oppressed. Every movement for equality, ie Civil Rights, LGBT, feminism, etc. cannot exist had it not been for liberty and free speech. To think that these very movements are now opposing liberty is a classic example of biting the hand that feeds.
I believe people should have liberty and equality. I think people who have large sums of money and feel threatened by the world equality are simple worried due to their over reaching greed. Liberty doesn't give you the right to spend hundreds of thousands of dollars on clothing. Liberty doesn't give you the right to receive health care over those who can't afford the inflated prices. Liberty doesn't give you the right to think that you're better than everyone else just because you have some extra money.
I think this may be a false dichotomy. If everyone truly has liberty then everyone would truly have equality. Liberty is the best way to promote equality for everyone. That is what the US and many western nations are now about. Liberty for everyone, and that's how it should always be.