I wish to toggle the text of the button based on whether the discalimer is showing it or not. 'show' if hidden, 'hide' if shown. Its working halfway the second click is not working. Please help me understand this code better

$(document).ready(function(){

$('#hideButton').live('click',function() {
var $this = $(this);
$('#disclaimer')
.slideToggle('300', function(){
$this.val('hide' ? 'show' : 'hide');
});

});

});