I don't know why you think im talking about the first 5 words. Look at the relevant part
> Congress shall make no law ... or abridging the freedom of speech, or of the press; ...
That is all it says, its open to interpretation. Free speech for who, and how is speech defined. What did the they have in mind when they wrote it, it likely wasn't 21st century communication. It is ambiguous. Did they even have businesses in mind? We already not all forms of expression are covered.
Yes all those points you bring up suck about advertising. Why should it be allowed? Why is the news able to be misleading. Why are are we being emotionally manipulated by corporations to buy? Because we can't have a discussion about free speech in America and it nuances. People are so die hard about their right (that doesn't even exist the way they think it does) and fall for slippery slope fallacies. We absolutely should real in advertising, both corporate and political, we should real in manipulative news reporting. None of these freedoms are helping the world, and if anything chipping away at others.
100% Free speech is a detriment to society, it is too idealistic. We can start with these ideals, but the need to figure out how they apply in a world with moral-less actors. We should figure out what we want in regards to forms of expression and content, be clear about it and protect society from entities that want to abuse their rights to take advantage of others.