What generation is Jesus referring to in Matthew 24:34?

In this text, which is part of Jesus' Olivet Discourse, Jesus says:

I tell you the truth, this generation will certainly not pass away until all these things have happened.

The obvious challenge is that the first century came and went without the full expression of the eschatological events described in Jesus' sermon, and we are still awaiting these events 2000 years later. If Jesus was mistaken concerning something as vital as the timing of these events, doesn't that cast aspersions upon His overall reliability?

One of the keys to interpreting this text has to do with the identification of "this generation." We have a tendency to assume that this automatically refers to the first century. However, it is very possible that Jesus is referring to "this generation I am talking about" rather than "this generation I am talking to." In other words, Jesus is saying that once these final cataclysmic events start, that generation will not pass until the rest of the foretold apocalyptic signs take place. This is my preferred interpretation. There are, however, a variety of questionable solutions and at least two other good solutions. For a fuller treatment of this question, cut and paste the link below into your browser. There is an excellent article that goes into great detail. I have read it and found it to be solid theologically.

http://www.thingstocome.org/whatgen.htm