Winco spe4000 B&S 8hp I/C Runs Great... NO POWER

I Am new to this forum so please correct me if I am doing anything wrong. I have a Winco SPE4000 generator with a Briggs 8 hp I/C motor. Just bought it from my neighbor and it ran great and produced power. Fired it up the next day to run some stuff on it (job site saw, drill, ect) to see what it could do. No power. Any suggestions on where to start? 

I did flip the breaker off and on again, trying both turning the generator on with the breaker on and off, with no avail. I noticed there looked to be some corrosion on the neutral wire (green crusty) and some white powdery corrosion on the rest of the connections. My goal was to remove the screws and clean the connections with some scotch brite or sandpaper. Well, the one screw that attaches the neutral white wire to the brush (most highly corroded) stripped and snapped the plastic bushing housing. So now I have the old bushing out and need a new one but the rest of the connections look good, no burned wires, everything is wrapped nicely and seems pretty clean. Are there some tests I can do with a multimeter with the machine off to make sure the electrical components are spec as they should be? This machine is an older one I believe with the B&S date code from 89 so getting at the bushing (should be easy) but I had to take off everything using a 3 jaw puller. Also could someone help me with basic names of items in a generator on the electrical side. That may help explain things a bit better.