It's freedom of speech with a spin. They put their own spin on stories and that spin is often laced with tinges of paranoia and fear mongering so they can get people to pay attention.
There is NO FREEDOM of speech. That's how you call it, 'the spin'.
That what the mass media is serving is from A to Z calculated thought through or do you really believe that anyone f.e. at bbc, cnn, fox etc. can really say what he wants?
I ask, what are the psychological ramifications of this sort of manipulation?
Fear and paranoia, like you said correctly. Those are the major governing tools these days. That's it.